Company Notes
By LOTHBURY
CUR AYNSLEY BRIDGLAND, chairman of Regis aProperty, again tells shareholders that he is waiting for interest rates to fall before he de- cides upon further expansion. The company could easily raise finance to do this, as its properties are only mortgaged to 18 per cent of the book value. Regis is therefore content to rest on its laurels—Plantation House, London, and the Liverpool Exchange, two freeholds pro- ducing two-thirds of the group income, and 2,000 flats producing the other. third. From these there are good prospects of an increasing revenue over the next few years; net rental already exceeds £1 million per annum. The net profit of £350,000 for the year ended June 30, 1963, compares with £220,000 previously. The dividend is increased by 1 per cent to 8 per cent and a further 1 per cent looks a possibility for the current year. The Ss. shares. at 8s, 3d. yield 4.7 per cent.
It is the intention of Allied London Properties to extend its property interests as quickly as possible, for at present its main interests are not, as the name• implies, in London. The group's income at present comes from two departmental stores in Portsmouth and Havant, which pro- vided £26,000 towards the total profits for the year to June 30, 1963. The net profit improved from £14,000 to £19,000 and the dividend is maintained at 20 .per cent. The two main property assets are office blocks in Bristol. De- velopments on hand may cost up to £300,000. Mr. A. R. Mitton, the chairman, said that future profits will continue to increase, but finance has yet to be arranged for future developments. The Is shares at 4s., yielding 5 per cent, must be considered somewhat speculative until the com- pany's plans take a more definite shape.
Mr. R. W. Young, chairman of William Sugg, lighting and heating engineers, reports on the particular problems facing the company in re- gard to its planned move from its Westminster factory to Crawley. Through no fault of its own, a change in planning consent will involve the company in additional expenses, but the chair- man is confident that the move, when completed next year, will benefit the company. Results for the year to June 30, 1963, showed an increase in pre-tax profits from £138,000 to £150,000 and an increase in the dividend from 201 per cent to 221 per cent with a final payment of 15 per cent. The 5s. shares at 28s. 3d., yielding 3.9 per cent, seem high enough until the difficulties ahead are ironed out.
In spite of th‘: bad weather, record profits were earned by Gaunson for the year to June 30, 1963, and profits for the current year are running at a higher level. The trading profit (a record) increased from £191,000 to £220,000 and the dividend has been increased from 221 per cent to 25 per cent, which is more than twice covered by earnings. The company manufactures men's and boys' clothing and has recently ac- quired the 'Yorkshire' trouser business from Rael-Brook Holdings. A fully equipped factory has been bought in Leeds and the extension of the Featherstone factory will be completed next year. Mr. M. Kays, the chairman, is optimistic for the future. The 2s. shares at I Is. yield 4.6 per cent.
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