Company Notes
By LOTHBURY
CI IR JOSEPH LOCKWOOD, chairman of Electrical aand Musical Industries, is very confident for the future. He points out in his long address to shareholders that 62 per cent of profits came from overseas interests. EMI is engaged in an industry with a sound long-term future, as, for example, the electronics side of the company and the sales of records in the past two years have increased more than they did in the pre- ceding six years. Unfortunately, there is no breakdown in the profit figures, but it does seem that three-quarters of this came from records. The Americans have a large share in- terest in this company. The chairman states that 4, the company's liquid resources now stand at £9.6 million and he is considering how, best to employ them. The 10s. shares at 26s. yield 5.7 per cent on the 15 per cent dividend. This is a good return with excellent prospects for the future.
It is some comfort to know from chairman Sir Aynsley Bridgland that ,Regis Property will be able to maintain its dividend of 10 per cent for the current year ending June 30, 1966. This is the type of property company that will be hit by corporation tax, but income from com- mercial properties, Plantation House and Liver- Pool Exchange, should rise. It is faced with quite a task in that one-third of its income, which comes from flats, would be frozen by the new Rent Act. The 5s. ordinary shares, at '8s., yield 6.1 per cent.
Oddeninos Property and Investment Company has issued a very satisfactory report for the Year ended March 30, 1965. This company owns a number of properties in London, such as Oddeninos Hotels, Royal Garden Hotel and The ','■11) White House, Regent's Park. It has other interests in Australia and the US: Profit for the year after taxation amounted to £179,446 against £148,268 and a dividend of 15 per cent has been declared on the increased capital. The chairman is not prepared to forecast how the corporation tax will affect the company, but the 2s. shares at 7s. 6d., Yielding 8 per cent, indicate the element of tisk attaching to such an investment.
For the year ended June 30, 1965, Berkeley property and • Investment Company's revenue from rentals has increased to £444,894, whilst profits from developments and dealings have fal- len from £170.543 to £83,486. Its rental has been increased to 55 per cent from 39 per cent in 1959 from commercial properties, a healthy sign. The company has an interest in a building subsidiary, Argon Industries, which has a substantial amount of land for development, bu.t'profits from this in- vestment are not likely to materialise in the near 'future. It. also has interests in the Channel Islands, Canada and the US. 'The 5s. shares at 9s. 9d. yield 6,1 per cent on the 12 per cent dividend.
Previous page
