Company Notes
EBENHAMS fall of £3.8 million in pre- tax profits for the year ended July 31, 1962, came as no surprise following the interim state- ment of a decline of 43 per cent, in pre-tax profits of those subsidiaries with a January 31 year-end. The net profit after tax was £3,637,705 against £3,839,780. A final dividend of Is. 4d. per share is declared, making a total of Is. 11d., the same fate as paid for 1961, but on capital as increased by a one-for-fifteen rights issue in September, 1961. Although this com- pany caters for the higher-class fashion trade, it has not escaped from the setback experienced by others in the trade generally. Points made by the chairman, Mr. John Bedford, in his pre- liminary statement give shareholders some en- couragement for the future: (1) turnover since August has shown signs of improving and sales show a small increase on last year; (2) the group food division has been reorganised and expan- sion in the variety chain field is planned; (3) discussions are taking place with one of the largest property' development companies to form a joint enterprise in connection with one of the larger sites in the group. Talks have also started with a view to the development of a second site. These schemes will not be productive for three to five years, but should ultimately be of great
b
enefit to shareholders. The 10s. shares at 47s. 9d. Yield 4.1 per cent. Since the one-for-one rights issue at 42s. 6d. Per share last May by Capital and Counties Properties none of the current developments has become fully income-earning for the year ending April 30, 1962. Since the year-end the group has acquired properties, mostly in I.ondon, valued at £3.87 million, but this will not greatly affect current earnings. The chairman, Mr. Leslie Mader, makes an important point that the com- pany now has sufficient property to plan de- velopment ten years ahead. The largest and most important development is the £20 million Knightsbridge Green scheme, for which plan- ning consent is still awaited, but for which "'lance has already been arranged with the Prudential Assurance and the Norwich Union Life Insurance. The potential prospects of this company are considerable and there is little doubt that investors will benefit over the next five years. The 5s. shares at 44s. yield 2.2 per cent. on the dividend increased from 16 per cent. to 18 Per cent. Vitamins reports a good recovery in pre-tax profits at £374,889 for the year to March 31, .,I962, over the past two disappointing years. ,ine chairman, Mr. H. C. H. Graves, gives share- holders a full account of their company's diffi- culties, as traders in pharmaceuticals and animal reeding stuffs. It has to buy, store, finance and deliver them, many of which can quickly become Obsolescent or uneconomic. Furthermore, the from of Health may suddenly decide to buy "ft abroad drugs which have been developed at: great cost in this country, thus making the British lines unprofitable. However, the com- 134,11Y, with its good management, is coping well with these problems as they arise. The dividend of 12-5 per cent. has been maintained on the ,3 • shares, which at 10s. yield 6.25 per cent. r Raving regard to the much lower price realised for its rubber crop last year, Bekoh Consolidated Rubber Estates has done well to Show' a small increase in its pre-tax profits at 46 t '785 for the year to March 31, 1962. During the h Year £22 499 was spent on replanting and e Upkeep of immature acres; a further £10,000 5 been added to the reserve for immature acreage making this fund £50,000. The dividend has been reduced from 1") per cent. to 10 per but there are strong cash assets of £82,475 to he balance sheet. The 2s. shares at Is. 6d. Yield 12.5 per cent. in /IV, I'llford Investments is a newcomer, floated net profit, this year. Accounts for 1961 show a ea, iprofit, after tax, of £54,724, representing „„'ngs of 5.6 per cent. on the issued ordinary "'Taal of £960,000. This property-developing icriPany has yet to prove itself, but with a °g °f °f i21-, million from the Co-operative Insur- s,_e Society (repayable in 1986) it has ample a`nocipe for increasing its property investments s. ,,irnProving its income. The chairman, Mr. 1962ebba, forecasts net profits, after tax, for 4s. 3 as £124,000 and for 1964 as £151,000. The
10 jshares at 13s. 6d., yielding 3.1 per cent. on the fut u rPee! cent. dividend, have possibilities for the
Previous page
