Company Notes
wILLIAM DOXFORD, the shipbuilders and engineers at Sunderland, have done exceed- ingly well to increase the _pre-tax profits for the year to June 30, 1960. from £1.22 million to £1.25 million, although the chairman, Mr. J. Ramsay Gebbie, CBE, said in his, statement last year that the company could not expect to maintain the peak profit earned in 1958-59. How- ever, the company's position in a very competitive industry is very strong; more than 50 per cent. of profits are now derived from the engineering side of the business. Net current assets exceed £21 million. Group net profits (after tax) were £660,318; for the first time for ten years the com- pany has not kept up its remarkable record of increasing the ordinary dividend, but is paying the, same rate as last year, 30 per cent., which is 2.4 times covered. At 90s. x.d. the £1 ordinary shares yield 6.7 per cent., which is a good return for the investor who realises that this rate of profit may not be maintained in the current year. (An extract from the chairman's statement appeared in last week's issue.) A remarkable recovery in pre-tax profits at £818,912 against £418,923 has been made 10 Scribbans-Kemp. The chairman, Mr. H. Oliver' King, states that it only represents a stage in recovery of the group. The recent acquisition 0; two companies, Jack Miller and Oliver and Gurden, has of course helped; the former over' ates a chain of forty-six kiosks in the London area, which has contributed six months' profits to the above figures. It is encouraging to learn from the chairman that the confectionery grout„ —in the past a cause of some concern-19' shown a marked improvement, and that tlte bakery division is showing better results. lite company is spending a considerable sum 011 modernisation, particularly in regard to 1110 i0 Liverpool factory. The company is engaged n very competitive market in foodstuffs but 113.,, an advantage over some of its competitors 1" that it has an important 'overseas trade in into tilts. This is a company with plans to expand culver ordinary share. It is intended to split doting that net assets work out at 36s. 9d. for mesey into 5s. units which will make the shares more marketable. The present price of 31s. 6d. d witbwahu Mining is now an investment company on portfolio consisting of gold, milling lin:I:vestment have been out of favour for some nfa.nCe, base metal and . shares. arcs. These types en,' There has been a decline in dividend in- per Ghana Main Reef as compared with jun for the previous year. For the year to £30-1,,, 1960, dividend income amounted to Profit by appear that about 45 per cent. was made `n the hard currency areas and it is worth °tIld Pl'ais was due to a dividendperhcein2ti -, which the chairman, Mr. Hedley Williams, -"is before tax were £47,514, of which it gives a yield of 6.3 per cent. s3 and profits on investments to £25,482. a themarket sales of investments; but even so lb; tnarket price of the shares is very close. net asset value. Therefore investors buying 1-m`s• ordinary shares at 5s. to give a very t incOrne return of 12.9 per cent. are n 18 a great risk. An g Auto Finance, the very successful hire- hire- arch . ' ase company of which Mr. Julian Hodge '„ and managing director, is ma ing tte;re exchange offer to Hodge Industrial Securi- rs shares are not quoted. This company rti con tr at; oiled by Hodge (Insurance). This ama ga- hofrc'n should prove very beneficial to share- Vets of Anglo Auto Finance, whose directors l divi.eve that they will be justified in paying a final lii,l(1!,nd of 10 per cent. on the increased capital, .11terim dividends of 15 per cent. having 1 eady been paid. The 2s. ordinary shares at cosv'er9d,. on a dividend of 25 per cent. twice return Yield 4.2 per cent., which is an attractive graur,Z for a company with an expansion pro- The under progressive management. week e , Save and Prosper Group announced last in the: biggest-ever offer of 25,000,000 5s. units two ,1,4, new Crosby Income Units. Approximately of the fund are invested in ordinary direct and one-third in preference shares and the tkt‘dr',°;rs Point- out that these investments are avoid' areas where political risks are small, thus ortleirmln8 shares of companies in Africa and Asia ordi much , higher yields could be obtained. The higher share portfolio will consist mainly of tiacrlielding shares with lesser growth poten- hay_ but this does not mean that they will not tome Possible dividend increases in years to a hioe,' The list of preference shares, from which Wider rate of income can be expected, has been Y chosen. Preparations for this issue were thatei„c'vr two months ago and it would. seem than view of the recent market recession the be aabgers, Robert Fleming & Co. Limited, will esttnlie to invest the money on good terms. The s hIlted Yield on the whole of the units offered ;1(11,7r cent, but it could be more than this when Ptn..-Lage is taken of the provisions of the hit:knee Act 1960. The Trustees are Barclays 4001teLinlited, who have made it possible for the Et-ants for the Units to apply for them over of thank counter at any branch during the period be a"e offer. This unit trust may in time prove to who very useful medium of investment to trustees fine: investment powers at the present are con- with .10 Trustee Acts securities, and in any case ther2ne excellent management behind this Trust .14.: is little doubt that it will appeal to a very 114' field of investors. As we go to press we be- to this .at there has been an excellent response Is Issue.
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