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report from one of my dogs

  1. watso

    18,795 posts.
    adm has been a right proper dog (mongrel with fleas) in my portfolio. however it has a low market cap, and has gradually built up a business in remanufactured compressors. the following is a report jsut released


    AURIDIAM LIMITED 2003-01-22 ASX-SIGNAL-G

    HOMEX - Perth

    +++++++++++++++++++++++++
    Auridiam Ltd ("Auridiam") is pleased to advise that its subsidiary,
    Recom Engineering Pty Ltd ("Recom"), has entered into an agreement
    with Davenport Durham Pty Ltd ("DDPL") whereby DDPL will distribute
    Recom re-manufactured compressors for the State of South Australia.

    The distribution agreement is effective immediately and the agreement
    now sees Recom with a distribution centre in every Australian
    mainland State capital.

    Recom recently acquired operations in Brisbane and Sydney that made
    it undeniably Australia's largest compressor re-manufacturer for the
    commercial refrigeration and air-conditioning industries. The current
    agreement substantially completes an expansion strategy determined by
    Auridiam some two years ago at the time it acquired a controlling
    interest in Recom. At that time the operations were confined to Perth
    and Melbourne with a turnover of approximately one third of the
    current level.

    The focus of the now expanded Recom Group will be to concentrate on
    improving the net return to its shareholders on the expanded revenue
    base.

    S Usher
    COMPANY SECRETARY

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