19 APRIL 1963, Page 29

Company Notes

B y LOTHBURY FOR. only the second year since 1949 the profits from Thomas Tilling, the highly suc- cessful industrial holding group, have dropped below those of the previous year. After-tax Profits fell from £1.668 million to £2.448 million for 1962. But the total dividend is increased to 71i cent by a final payment of 121 per cent. against the previous year's total of 20 per cent. The chairman, Mr. Lionel Fraser, explains that profit margins were lower in sonic companies Mthin the group, especially those in the engin- 'entig and textile trades, although he considers [hat the latter have now turned the corner. He ',Xpects the going to be tough in 1963 but has some new acquisitions under consideration. inure are now twenty-eight direct subsidiaries c.,?Yer.mg 109 operating companies. The 4s. taares are a very sound investment at 23s. to Yield 3.8 per cent.

`Last October Dunlop reported very dis- VPointing failures for the first six months of he Year, but a big recovery took place in the second six months, as the full year's results now 1110w. The after-tax profits for 1962. at £5.090 million, were only 13 per cent lower than those for 1961. A part of this decline was attributable lo higher tax. debenture interest and deprecia- tion charges. The sharp recovery was due to better profit margins which recovered to 6 per centafter falling to 4.1 per cent in the first ball of the year. Now that there has been a considerable. upturn, in the motor trade, the thairman, Sir Edward Beharrell, may .be able to give shareholders some better news for the future, at the annual general meeting. On the ngures the 10s. shares were marked down Is. but on, the maintained dividend of 15.8 per cent, 4t 30s. 6d. the yield is a fair one at 5.1 per cent.

The great Unilever group records a higher gross turnover and pre-tax profits for 1962, but the net profit is a little lower at £51.8 million against £52.9 million. The dividend. however, Is increased from 24.79 per cent to 26.13 per e'-'111.. The chairman, Mr. George Cole, reports that 1962 was a year of expansion, but outside the. industrial countries, low commodity prices held down incomes which, particularly in disappointment put a brake on spending. In spite of the usappointment of Britain not entering the tutoPean. Community, he states that the com- lanY is well placed to take advantage of any ePPortunities that may arise in Europe or the (ommonwealth. This company's shares have ever the years proved a very, sound and pro- tressive investment. The Ss. shares at. 40s. 6d., with .a dividend cover of 2.$ times. yield 3.2 per tent,