COZENS AND SUTCLIFFE (HOLDINGS) LTD. Last year this company increased its authorised capital from £250,000 to £1 million to enable it to take the necessary steps to acquire certain interests which would materially con- tribute to the group's profits; but to date nothing has happened. Stockholders will therefore be par- ticularly interested to get some news from the Chairman, M. H. V. Cozens, at the forthcoming annual general meeting when he presents the accounts for the year to June 30, 1958. The com- pany for the fifth successive year has made a record trading profit equivalent to earnings of 40.8 per cent, on the ordinary capital, on which a dividend of 30 per cent, has been declared. The company, as erection engineers, recently started on a contract to dismantle the high-level roof of Cannon Street Station and has opened a new branch office and works at Birmingham. There is a good volume of orders in hand and the chairman is optimistic about the current year's trading. The 5s. ordinary shares at 14s. 6d. x.d. yield VI 6s. Od. per cent.
The Lep Group Ltd. With the report for 1956, the chairman, Mr. R. K. Leeper, estimated that Profits would be higher for the current year. From the preliminary figures it is apparent that this international transport, forwarding and travel agents group has considerably increased its profits. The trading profit is up from £563,244 to £649,880, and the net profit has increased from £188,446 to £213,110. Once again earnings are substantial to cover the conservative dividend of 101 per cent.—a slight increase on the 9 per cent. Paid last year. The continued expansion of the company's interests is producing very satisfac- tory profits, of which a good percentage is being ploughed back, so that the Ll ordinary shares can- not be expected to give a generous return on the restricted dividend. The shares have recently moved up to 43s., yielding £4 17s. 9d. per cent.
Vernier Ltd. is well known as the leader in the time-switch field and has been responsible for the installation of the Mayfair parking meters. This is not its first venture into this field, as it has already supplied parking meters to Australia, New Zealand, South Africa and Switzerland. Overseas markets continue to expand, whilst home sales in the accumulator and electronics subsidiary companies have increased. The chair- man, Mr. Arthur A. Rowse, reveals that a Venner- type battery is incorporated in the US satellite now in orbit. In spite of keener competition, gross profits have increased from £157,953 in 1956 to £182,171 for 1957, the relative net profit figures being £25,111 and £32,871. Bank overdraft has been reduced from £143,661 to £92,576, but a shortage of liquid resources will probably hold the dividend rate at 15 per cent, for a time. The 5s. ordinary shares have improved this year from 7s. to 1 Is. 3d., at which price the yield is £6 14s. Od. per cent.