THE chairman of the transport and warehousing group, Seafield, has told the company's shareholders he is unable to say when the payment of dividends would resume.
Speaking at the company's annual meeting yesterday, Mr Peter Duffy said he was still optimistic about the future of the company which reported pretax profits of £192,000 for 1996.
Shareholders expressed frustration at the failure to pay any dividend and many voiced concerns about a reduction in margins in the transport sector. Some shareholders called for a merger or a management buyout.
However, Mr Duffy said the majority of the company's problems were "now in the past". Seafield is quoted on the Irish Stock Exchange, but all its business is located in Britain and continental Europe.
Mr Duffy said one of the main obstacles to improving the company's position was an outstanding dispute with the British Inland Revenue over an alleged payment to a former company director.
A successful conclusion to this matter would dramatically reconstitute Seafield's balance sheet", said Mr Duffy.
Mr Duffy stated that the company was not considering disposing of its transport interests, despite predictions of a "shakeup" in the European market.
Mr Duffy said "an intensive operational review and vigorous sales activity" would enable transport to make an improved contribution in the current year.
