NEWS RELEASE

9 May 2001

City Design Declares Interim Dividend

City Design Limited, a wholly-owned Local Authority Trading Enterprise (LATE) of Auckland City, has declared an interim dividend of 4c per share, producing $84,000 for the Council.

Formerly the engineering and design business unit of the Council, City Design became a LATE in July last year. Auckland City has 2.1 million shares in City Design.

Announcing the interim dividend, the chairperson of the Council’s Investments Committee, Councillor Vern Walsh, says the new company is having a successful first year and the result is in line with expectations.

“City Design is working to the targets set in its Statement of Corporate Intent and its performance to date indicates it’s on track to meet those targets,” says Councillor Walsh.

“This is a pleasing result given the fact that the company has set out into a highly competitive commercial environment.”

City Design provides a wide range of architectural and engineering professional services to both public and private sector clients.

Councillor Walsh says City Design’s accounts will be released in its annual report following the financial year ending June 30.

ENDS

For further information, please contact:
Councillor Vern Walsh, tel: 626-7826 (bus)

© Scoop Media

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