Company Notes
By LOTI-IBURY
HERE are excellent results for the year ending January 31, 1963, from Thomas S. Whitney of Cardiff, who are main Ford dealers. In spite of a reduction in purchase tax last November, which Meant an immediate reduction of the value of cars in stock, the company was able to report a ,131.°11t of £110,000 against £108,000. The divi- dend has been raised from 20 per cent to 25 per Cent. A lower tax charge has produced a .uetter-earnings cover for the dividend. particu- larly as the chairman has waived his dividend on '180,000 of the ordinary capital. However, the encril, PanY is set fair for another good year not :in'Y in respect of new and used car sales but Z's° in regard to the contract hire side of the rsiness. The Is. shares at 3s. 9d. yielding 6.7 per tie.,nt have scope for further improvement over ue next twelve months. in spite of the appalling winter weather the erhairman of Selincourt advises that January and :bruarY turnover figures are well maintained if the current year and that further expansion ti' Planned. The first indication of this is the bnexPected bid for Harris (Harella) which has green accepted and will materially add to the .19°13,P's profits in the future. Pre-tax profits for ae6_ ro.._ se to £845,000 against £711,000. The co(1,,`sition of Harella will give the company C1t. 11'1.01 of a substantial number of retail outlets. as also recently acquired a stake in Hide and the' Whosee latest resul arc quit promising fo futur. It thereforets appearse his is well-
r managed group under the chairmanship of Mr. Harold Evans has greatly increased its earning capacity, so that there is every chance of an improvement on the last dividend of 25 per cent, which was covered by earnings of 37 per cent. The Is. shareS at 4s. 6d. yield 54 per cent.
A further recovery in profits for 1962 was made by Inns and Company, the public works contractors and quarry owners, who report an 11 per cent increase in pre-tax profits at £1.046 million. The exceptionally cold winter un- doubtedly interfered with the company's contracts, but as manufacturers of roadstone and bituminous products it should have plenty of work in hand. The group's freehold and leasehold properties were revalued this year at £5.3 million against the last balance sheet figure of £2.3 million. The dividend is increased from 30 per cent to 324 per cent. The company has an excellent dividend record: the 4s. shares at 40s. arc a sound investment yielding 3.2 per cent.
Better results than expected are reported from United Molasses for 1962. The company has been able to increase its pre-tax profits from £2.8 million to £3 million and has also main- tained the dividend at 15 per cent tax free plus a tax-free distribution of 2.08 per cent, making a total of 24.5 per cent free of tax. The demand for molasses during the year was good and the company distributed a record tonnage in the various countries in which it trades. There was a particularly heavy demand from the Continent where abnormally high prices were obtained. As regards the company's shipping interests there is as yet no glimmer of hope for owners, of tankers and dry cargo tramps. The company has sub- sidiary companies outside its large business, namely Weymans (bus body betters), W. J. Yarewood (shipping builders) and also-Richards. (shipping builders). E. N. Bray, electrical con- trolled gear manufacturers, produced disappoint- ing results. The company also has substantial interests in West Indies Sugar and Caroni, both of which are controlled by Tate and Lyle. The chairman does not anticipate any improvement for the current year but is hopeful of maintain- ing the same rate of dividend. The 10s. shares at 35s. yield 6.9 per cent, which indicates the un- certainty for the future.
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