Hellaby Holdings has reported a lower half-year profit due to flat market activity and higher corporate costs.
The investment company, which owns Number One Shoes and Hannahs and also operates packaging, automotive and equipment businesses, made $6.2 million in the six months to December 2012, a decrease of 21% compared with the same period a year earlier.
Sales were up 1% to $244 million.
Chief executive John Williamson said that is due to a solid performance, with an improvement in its equipment and automotive arms offsetting weaker sales at its packaging and footwear businesses. Net debt fell 19% to $23.8 million.
He said the company is expecting trading conditions to remain tough but Hellaby's strategy will be to grow through acquisition.
The purchase of 85% of industrial services firm Contract Resources for $73 million at the end of March, he said, will see the company well on its way to its target of a third of revenue coming from overseas by 2015.
Mr Williamson flagged a full-year profit of about $18.5 million.