Speirs Group down 21 per cent

NZAX-listed Speirs Group yesterday reported a 21 per cent fall in net profit to $466,000.

The group, which encompasses Speirs Finance and the fresh food producer and distributor Speirs Foods, said intensifying competition in the borrowing and lending markets reduced margins at the finance division.

Rigorous cost control and on-going productivity gains arising from the introduction of new technology resulted in a substantial improvement in the food division's contribution, the company said.