Company Notes
LAST July there was an interim statement from Jeyes' Sanitary Compounds stating that, for the half-year, sales were up by 9 per cent. but profits were lower due to the initial cost on promoting the new 'Trust' toilet rolls. In fact, a total dividend of 25 per cent. was forecast. It is disappointing to learn that the proposed dividend is to be 20 per cent. on the capital increased by a one-for-two scrip issue; but it is stressed that the promotional costs of 'Trust' have been charged in one year's accounts. The company enjoys excellent management and has a progres- sive profit record. Net profits (after tax) for 1960 were down from £188,371 to £117,667. Quite a large proportion of this profit came from the various subsidiaries in South Africa, New Zea- land and Ireland. Investors are showing con- fidence in the company's future as the 5s. ordinary shares are still good at 23s. to yield 4.3 per cent. Their confidence is well founded.
In spite of lower profits of £41,859 (against £59,869) for 1960 Abrahams Publicity Holdings have stepped up the dividend by 1 per cent. to 22 per cent. The chairman reports that the volume of future business now stands at a record of £1,594,578, an increase for the year 1960 of £61,453. The freehold properties of the company give a present-day valuation of £20,000 above their book value. The annual general meeting will be held on April 18 (Budget day). In view of the date it is proposed to pay the final dividend between April 29 and May 6. The 2s. ordinary shares now around 5s. yield 8.8 per cent.
Group net profits of Typhoo Tea for 196Q were £1,298,721 against £1,273,968, and this satis- factory result was obtained in spite of the fact that the year's average 'prices for teas were higher; but the company did not increase their selling prices. The chairman hopes that the price of teas will ease in the current year. If so his company, with its wonderful profit record, will achieve even better results. The dividend on the 5s. ordinary shares has been increased by 6 per cent. to 30 per cent. At 37s. 6d. the yield is 4 per cent.—a good return for a company with such a progressive record.
The directors of Pollard Ball and Roller Bear- ings have exceeded the final dividend forecast by 1 per cent. at 15 per cent., making a total of 181 per cent. on the capital increased by the
recent rights issue, which raised million. Profits before tax have risen for 1960 from £514,900 to £625,000. This company has a very progressive profits record and is not entirely dependent on the motor industry for its custo- mers. It therefore has a high standing in the investment field, and the 4s. ordinary shares at 39s. 3d. x.d. are now selling down to a yield basis of 1.9 per cent. This may very well be justified and will appeal to surtax investors, who are seeking further capital appreciation.
The small capital of £91,990 in £1 ordinary shares of Gale and Polden, the Aldershot printers and publishers, has always made it difficult to deal in their shares on the London Stock Exchange. They are now a nominal market at 110s. to 120s. and shareholders are well advised by their chairman not to sell. It is believed that Stevens Press (publishers of the Queen and Go magazines) are the bidders for Gale and Polden, who (amongst other publications) print the Spectator.
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