Company Notes
By LOTHBURY
THE report for the year ended April 5, 1964, discloses that Land Investors is in a strong financial position. Cash resources are £1.2 million and, the Norwich Union Insurance Society has agreed to advance £5 million up to 1968, of which so far only £500,000 has been used. It specialises in developing office commercial properties around London. Rental income is up by 60 per cent and investment income has doubled. A dividend of 10 per cent is declared and divi- dends of 12 per cent and 14 per cent have been forecast for the years 1964-65 and 1965-66 re- spectively. The 5s. shares at its. 9d., yielding 4.2 per cent, are an attractive lock-up' invest- ment for the next three years. Pre-tax profits of Warner's Holiday Camps for the year ended March 31, 1964, were up by nearly 10 per cent over the previous year, and the dividend of 15 per cent on the increased capital compares with the equivalent of 11.66 per cent. In June 1963 the Woodside Bay Holiday Vilage in the Isle of Wight was opened. It was full up and turning away campers this summer. To expand and re-vamp the camps the Company is issuing £750,000 61 per cent Deben- ture 1984-89. Next year camping charges are to be increased. The 2s. A shares are yielding 3.8 per cent, about right for this type of busi- ness, but the cover at over twice for the divi- dend is better than most in this group. James Howden, makers of equipment for power stations, industrial plant and steel office furniture, has done much better for th,e year ended April 30, 1964. The net profit (after tax) of £617,915 compares with £510,519. It is en- couraging that substantial orders have been booked during this year; the order book at the end of April was already £4 million up on the previous year. The South African subsidiary did very well and has now completed its factory extension to meet , iricreased demand. The Australian company also had a good year and James Howden and Parsons of Canada made a small profit. The chairman, Mr. J. Howden- Hume, expects a further overall improvement this year. The good increase in the final dividend at 221 per cent wasunexpected. It makes a total of 274 per cent 1.8 times covered and gives the 5s. shares at 30s a yield of 4.6 per cent.
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