13 Nov 2012

More assets sold by GPG

11:10 am on 13 November 2012

Guiness Peat Group has disposed of investments in four more assets since July and says it has now sold 57% of its portfolio.

Total funds generated since July from investments, including capital returns and dividends, amount to $NZ250 million.

The company says trading is on track for its business in Britain with third quarter sales up 5% from last year, despite difficult market conditions.

However, when exchange rates are factored in, sales have fallen 4%.

GPG plans to be effectively a threadmaking business by September next year and will change its name to Coats.