F. FRANCIS AND SONS
ENCOURAGING CURRENT BUSINESS
THE 39th ordinary general meeting of F. Francis and Sons, Ltd., was held on May 7th at Southern House, Cannon Street, London, E.C.
Mr. John Ismay, the chairman of the company, who presided, said : The large expansion in our profits is due primarily to the satisfactory completion of the building extensions and installation of additional plant, which has enabled the company to handle a greatly increased turnover. This increase in volume was continuous throughout the year, and any acceleration during the latter end, subsequent to the outbreak of war, so far as it benefited your company, was to a great extent offset by the dislocation which took place during that period to enable us to execute urgent orders of national importance.
Whilst we propose increasing the dividend to the same rate as that paid for the period ended December 31st, 1936, being our most favour- able pre-war period under the war standard proposed by the Chan- cellor of the Exchequer, the amount we are distributing is still less than we could have paid for the previous financial year. This con- forms to the interpretation which the directors place upon what the Chancellor has said about his proposed new Bill.
After making full provision for tax and other contingencies and bringing up our general reserve to the round figure of L25,000, we carry forward £16,529 5s. against k54.746 12s. brought in.
While it is dangerous to prophesy what is going to happen, we are pleased to state that our works for the first four months of the present year again show a large increase in turnover over the corresponding period of the previous year, and, unless anything very untoward hap- pens, we can look forward to the results of the present year with every confidence.
The report arid accounts were unanimously adopted in the absence of question or comment. and the recommendation of a final dividend of 81 per cent., making 121- per cent, for the year, was approved.
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