Company Notes
RADIO and Television Trust Ltd. specialises in the field of radio communications and industrial electronics, in which there is enormous scope for the future. It is now in- tended to express the real interests of the group by changing the name of the company to 'Control and Communications Ltd.' Accounts to March 31, 1962, include a full year's trading of Airmec Ltd. and British Communications Corporation Ltd., and six months' trading of a new subsidiary. Thermionic Products .(Elee7 ironies) Ltd. The result is a net profit (after taxation of £219,265) of £214,201. This com- pares with a figure of £138,516 for the previous year. The company issues an interesting illus- trated report, but shareholders would gain more valuable information regarding the company's future prospects by attending the annual general meeting in London on August 29, when the chair- man, Mr. D. D. Prenn, will put them in the picture. This is an expanding company with great possibilities. The dividend has been stepped up from 10 per cent. to 25 per cent. on the in- creased capital; there is also to be a one-for-two scrip issue. The ordinary dividend payment amounts to £35,081, against £13,513 on the 6d. ordinary shares, which at 10s. yield as little as 11 per cent.; but with the enormous potential earnings and strong liquid resources, this is a share that justifies a purchase by the long-term farseeing investor.
Maple Cross Properties Ltd. this week held its first annual general meeting since it was made public in May last year. During the year to March 25, 1962, the company made various acquisitions whose profits are not fully reflected in the accounts. The chairman, Mr. L. E. Berg- man, estimates that, in a full year, the income of the group will be about £48,000 .as against £30,455 for the past year. Freehold and lease- hold properties appear in the balance sheet at £362,271, and the majority of them are unen- cumbered. There is, therefore, room for the company to be able satisfactorily to negotiate for long-term finance for further expansion. A final dividend of 41 per cent. is proposed, making a total of 9 per cent. (against 8-1 per cent. fore- cast). This makes the 4s. ordinary shares at Gs. 7td. an interesting investment for the future. The yield at the current price is 5.4 per cent.
Thornas Tilling Ltd. The recent publication of this company's house magazine, known as 1'. T. Topics, has a more than usually interesting story to tell. It is not so much concerned with the usual staff records, but contains most in- teresting stories, in very readable form, concern- ing the companies that make up this 'family of firms' under the very able chairmanship of Mr. Lionel Fraser. This first publication is one that all TT shareholders and other investors should read.
Lesbrook and Co., manufacturers of compo- nent parts for radio, television sets and motor vehicles, have made some recovery from the set- back experienced last year. Pre-tax' profits for the year to March 31, 1962, increased from £16,822 to £47,611. The chairman, Mr. E. J. L. Brook, reports, that after the `little Budget' trad- ing conditions became very difficult. However,, reorganisation and economies partly corrected the situation, so that future prospects are now somewhat brighter. In 1961 the dividend was cut from 25 per cent. to 5 per cent. It is now justi- fiably increased to 10 per cent. from earnings of 20.9 per cent. The company's products sell to industries subject to some degree of uncer- tainty, so that the future is difficult to forecast. The 2s. shares at 3s. yield 6.6 per cent.
The Electrical and General lnlestment Trust again reports good results for the year ending March 31, 1962. with income up from £167,997 to £195,027 and net revenue up from £69,943 to £75,589. The company is one of the Hender- son Administrative group, whose chairman, Mr.
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