COMPANY MEETING
A. J. WAIT (HOLDINGS) LTD.
(Builders, Shop Fitters and Joinery Manufacturers) ANOTHER RECORD YEAR
THE 6th annual general meeting of A. J. Wait (Holdings) Ltd. was held on July 26 at the Piccadilly Hotel, London, W.I, Mr. H. A. Crowe (the chair- man) presiding.
The following is his circulated statement: The year under review was one in which trading conditions were by no means easy. The credit squeeze created difficulties for prospective purchasers of houses and the rise in general costs continued. It is consquently very pleasant to be able to report further progress. The net Trading Profit of the Group for the year to 28th February, 1962, was a further record of £192.463 (against £168,682) and the net Trading Profit after Taxation was £92,741 (against £85,118). The Directors recommend the declaration of a Dividend on the increased Capital at the rate of 12f% (less Income Tax) for the full year which is as was forecast at the last capital issue. This will absorb £54,719 net.
It will be observed that the total emoluments of Directors (as Managers) has increased from £24.450 to £27.283. Lest this be misconstrued I would ex- plain that two Departmental Managers were de- servedly raised to the status of Directors of a Subsidiary Company during the year.
POLICY OF CONSOLIDATION
In view of the credit squeeze the Boards of the various Subsidiaries have carefully reviewed the position and generally a policy of consolidation has been followed. This policy will continue to be followed during the coming year. Certain contracts have not been remunerative as was hoped and reasonably expected and in a few cases reserves have been made in respect of these.
Following the same policy of consolidation a Subsidiary has disposed of certain investment properties. The gross capital profit made (£6,912) has been added to Capital Reserves which now stand (after deducting the cost of the recent capital issue) at £175,904 (against £180,228). The fixed assets now stand in the Books at cost or valuation £738.419, less accumulated depreciation £89,695, leaving £684,724 (against £500,954). Current Assets show an excess over Current Liabilities (including Bank overdraft) of £520,522 (against £263,254). Revenue Reserves (unappropriated profits) stand at £201,892 (against £163.870). The Bank Loan and overdrafts have been reduced from £966,062 to £875,378.
THE OUTLOOK Lest my mention of a policy of consolidation should be misunderstood, I should say that such policy will be directed to cutting out the less re- munerative portions of the Group's activities and the substitution of, it is hoped, increased activity in business which shows the Company a more reasonable return. Again I am able to say that, in my opinion, the Company will continue to ex- pand in the year now current.
The report and accounts were adopted.
At the subsequent extraordinary general meeting resolutions were approved increasing the issued capital of the company to £750.000. making a scrip issue to shareholders of one new Ordinary share for every 20 Ordinary shares held, and amending the Articles of Association to allow for the Secre- tary's signature to be affixed to share certificates by mechanical means.
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