Company Notes
SUNDAY PICTORIAL NEWSPAPERS has done well for the year ending February 28, 1962, trading profits having risen from £1,725,711 to £1,993,580. The Sunday Pictorial itself in- creased its profit from £575,000 to £822,000, the balance of income coming from trade investments. There has been a small re- duction in advertising revenue, but net sales for 1961 have kept fairly steady at 5,320,577 copies weekly. Mr. Cecil King, the chairman, will be giving shareholders a full statement at the annual general meeting this month, which should be interesting. The dividend has been stepped up 21 per cent. to 30 per cent., covered by earnings of 51 per cent. A one-for-twd scrip issue is proposed. The balance sheet is excep- tionally strong with trade investments in at theit book value of just over £8 million, whereas the market value exceeds £16 million. The 5s. or- dinary shares at 25s., yielding 6 per cent., look an attractive purchase.
Selincourt and Sons has produced excellent results for 1961. although profits fell short of the target figure. This, the chairman, Mr. Harold Evans, stated, was due to expenses in regard to the recent rapid expansion and the sale of its interests in Ncatawcar (at a profit), so that no earnings from this company are included. The group's expansion is reflected in an increase in assets from £1.26 million to £2.89 million and a jump in the trading profits from £519,283 to £855,437. The net profit increased from £212,731 to £317,955. The company now has a wide range of interests in the fashion trades, including the recent acquisition of Hide and Co. The company has also recently formed Selincourt (European Markets), of which Lord Boothby and Mr. Hardy Antics are directors. The chair- man states that through this company they are determined to exploit the undoubted potential in Europe and that this company is making good progress. He also states that the group's sales for the first three months of this year have been maintained. This is encouraging news for the 18,000 (approximately) shareholders who only numbered 1,800 two years ago. The Is. shares receive a 25 per cent. dividend and at 4s 3d., their lowest price this year, yielding 5.5 Per cent., are worth putting away for appre- ciation.
Thomas S. Whitney and Co., the Ford motor dealers in Liverpool, introduced its shares to the Cardiff and Liverpool Stock Ex- changes this March, when pre-tax profits of £70,000 were forecast for the year ending January 31, 1962. Profits for that year (subject to tax) are actually £80,600, which is a very satisfactory result. The directors are confident that, in spite of the difficult times, profits for the current twelve months will be even better. They ascribe this to the extension of its whole- sale territory for new Ford products and also to increased sales and facilities on the part of its used cars and spare-parts service. The com- pany owns the Leigh Car Hire Service and Let's- Rent-a-Car in Manchester. A dividend of 20 Per cent. is declared on the Is. shares, of which Mr. Samuel Burrell, the chairman, owns 3,600,000 and has waived his right to this pay- ment. At 2s. 41d. the shares yield 8.4 per cent.
United Molasses has had a difficult year owing to lower profit margins earned on the sale of molasses and also lower income by reason of the depressed freight market. The company's en- gineering subiidiaries also suffered a decline in Profits, and had it not been for the transfer of £305,000 from the tax equalisation account, the earnings on the ordinary capital would appear less than they are. The net profit fell from £2,007,799 to £1,605,061. However, the strong financial position of the company permits the maintenance of the 15 per cent. tax-free dividend for the fourth year running, to which this time there is added a tax-free payment of 2 1/12 Per cent. from capital profits. The chairman, Mr. G. W. Scott, is still gloomy about the ship- Ping side of the business, but is more optimistic concerning the company's trading. The 10s. shares at 24s. yield as much as 10.2 per cent., Which is to be expected on a share of this nature, for which the future outlopk is still uncertain. •
Previous page
