Company Notes
By LOTHBURY
IN last week's issue there appeared a brief sum- mary of the chairman's report of F. Francis and Sons (Holdings). The company's interests are spread over the manufacture of tin boxes, steel drums, crown corks, electrical lifts, die-castings and plastic products, etc. The record is pro- gressive; the trading profit for 1963 was £703,000 against £618,000, but the dividend was once again maintained at 23 per cent. The outlook is promising as the chairman, Mr. F. Cox, tells shareholders that in the first three months of the current year sales and profits are appreciably above the same period of the previous year. The company pthposes to make a one-for-five scrip issue and forecasts a maintained interim divi- dend of 8 per cent on the larger capital which would seem to indicate a maintained total divi- dend. If this occurs the 5s. shares, now 21s. 9d.,
would give a yield of 6 per cent as against the present yield of 5.2 per cent allowing for the adjustment of the capital bonus. At their present price the shares are worth buying.
The highlight of Selincourt's accounts for 1963 is the acquisition of L. Harris (Harella) with fifty-three retail shops, stores and factories manufacturing coats, suits and skirts. This group of garment manufacturers now provide a little less than half the total profits. Other interests, textiles and furnishing fabrics, are now the major interest, particularly as the company has a large account with Marks and Spencer. For the thirteen-month period to January 31, 1964, the trading profit was £11 million and the net profit was £558,000 from which a dividend of 30 per cent is declared. The company has sold its interest in Hide and Co., and has written up the value of its properties to over £2 million. Investors should always expect a generous yield on shares of this nature in the fashion trade, but can be assured that the company's very able managing director, Mr. Louis Mintz, will look after their interests. The Is. shares at 5s. give a fair return of 5.7 per cent and are worth hold- ing for the short view.
Last week an extract of the chairman's report of Higham's Ltd. appeared in these columns. In a favourable year of trading, the company was able to increase its trading profit and net profit, the latter from £178,000 to £281,000. The divi- dend goes up from 16,per cent to 20 per cent and a one-for-five scrip issue is proposed. It remains to be seen from the chairman's full report on July 8 how prospects are shaping for the current year. The group are manufacturers of bleached and coloured sheets and pillow- cases and industrial fabrics, etc. The company has a fine vertical unit from the process of spin- ning to finishing. The 5s. shares are fairly 'Valued at 16s. to yield over 6 per cent.
Once again Threlfalls Chesters Brewery has had another good year. Net profits for the year ended March 31, 1964, were up to £1.198 mil- lion against £1.157 million, which latter figure included eighteen months' profits from the acquisition of the Birkenhead brewery and A. J. Ley and Co. The company now has 886 licensed houses, and breweries in Liverpool, Manchester and Salford, also a mineral water and bottling factory in Liverpool. The final divi- dend of 13 per cent again increases the total pay- ment by 1 per cent to 23 per cent. The 5s. shares at 26s. 9d. yielding 4.2 per cent are an excellent investment.
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