Company Notes
clOZENS & Sutcliffe (Holdings) Ltd. has an- nounced record profits for the year ended June 30, 1961, but the chairman, Mr. H. V. Cozens, is a little disappointed, because at the time of the rights issue, this January, he forecast that the year's profits would amount to £250,000, whereas the trading profit turns out to be £213,065. How- ever, this is not at all unsatisfactory, particularly as the outlook for the current year is encourag- ing, the only reason for the estimated profits not being reached was due to a decline in the whole- sale distribution of radio and electrical equip- ment, which is covered by the subsidiaries, A. S. Duran and Co. Ltd. and R. J. S. Services Ltd. Last year the group acquired Redler Industries Ltd., mechanical handling plant manufacturers. This company has had a most successful year, turnover for the first time in the company's history exceeded £1 million. This company has some particularly valuable overseas connections and is planning extensions to their factory at Stroud, to meet the increasing demand for their products from South Africa, Kenya Uganda, Holland, Hungary. Rumania, Czechoslovakia and Japan. At the annual general meeting on September 29, the chairman hopes to be able to tell shareholders that they have acquired an old-established West of England company whose activities are complementary to those of Redler Industries. On the 30 per cent, dividend the 4s. ordinary shares yield 8 per cent. at 14s. 6d.
Sempah (Holdings) Ltd. is now an investment holding company, consisting of two quoted in vestment trusts, Harpenden (Selango) Rubber, acquired in 1959,, and an unquoted engineering concern, accounting- for 41 per cent. of the group's total interests. This company made a loss for 1960 but on the advice of industrial con- sultants reorganisations have been made which have necessitated further loans being granted. It is hoped that the chairman, Brigadier F. C. Hopton-Scott, C.B.E., will be able to give share- holders further information concerning these losses at the annual general meeting on Sep- tember 21. The 2s. ordinary shares will receive a total dividend of 371 per cent. from the pre- tax profits of £62,831 against £54;680, and are now 6s. d., yielding 11.5 per cent., which high return is needed until the company's future pros- pects can be more accurately assessed.
Burt Boulton and Haywood, the timber mer- chants, tar distillers, paint and chemical manu- facturers, gained a large profit increase for the year to March 31, 1961. This was partly due to the inclusion in the accounts of the profits (for 15 months) of Burts and Harvey, now a wholly owned subsidiary. This company's integration with Alchemy Ltd. should have beneficial re- sults in the future. Overseas interests in Belgium, Portugal and Italy have all traded profitably. Shareholders were approached by Horlicks (who hold 31 per cent. of the equity) earlier this year with an offer of three Horlicks ordinary shares plus 45s. in cash for every two of their com- pany's shares. This offer was not acceptable. The recent heavy capital expenditure should before long bring its own reward, so that a fur- ther increase in the dividend can be hoped for. The net profit was £231,571 against £144,500 producing earnings of 28.5 per cent. for the dividend of 16 per cent, as against 10 per cent. The £1 ordinary shares, now 65s., yield nearly 5 per cent,
West Cumberland Silk Mills have had to con- tend with severe Japanese competition in their Australian and New Zealand markets whilst con- ditions at home were none too easy. The com- pany, which is noted for the high quality of its fabrics, is awake to increasing competition in the textile trades and has wisely decided to diversify its activities by entering the interior-decorating fabric field. This step will, says the chairman, Lord Wilmot of Selmeston, involve them in ad- ditional non-recurring expenses in the current year, so that profits are expected to be lower than those for 1960-61. Net profits for the year to March 31, 1961, were £46,916 against £48,230. The dividend on the 2s. ordinary shares, now 7s. 6d., has been maintained at 24 per cent.
Katharine Whitehorn is on holiday
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