Company Notes
By LOTHBURY
HE results from Louis Newmark, the watch 1 importers and electronic group, for the year ended March 27, 1965, are most encouraging. Pre-tax profits are up from £269,454 to £448,946. The net profit after tax allows for an increase in the dividend from 10 to 121 per cent, covered nearly four limes by earnings. Allowing for the full conversion of the outstanding 61 per cent convertible loan stock, the dividend is still covered 3.4 times. The chairman adds a cautious note for the future, but as 52 per cent of the profits come from the electronic, precision and equipment components division, future profits should be assured. The loan stock is now yield- ing 5.4 per cent, which does not at present make a conversion into the ordinary 5s. shares attrac- tive. But the ordinary shares at 13s, 6d., yielding 4.6 per cent, should certainly be held.
Metropole Industries made a record profit for the year ended March 31, 1965, with pre-tax profits of £542,143 against £454,555. The com- pany controls a number of engineering concerns as well as ancillary companies to the trade. Metropole sold their packaging interests, but re- tained a large share interest, which should prove very profitable in the future. Trading profit for the year ended March 31, 1965, was a little down, but the net profit after tax was £284,411 com- pared with £274,350. The final dividend of 224 per cent makes a total of 45 per cent, giving a return of 9 per cent on the 2s. shares at 10s. Shareholders would be wise to stay with this com- pany under its new chairman, Dr. W. J. Jenkins.
In his report for the year ended March 31, 1965, Mr. M. I. Leaver, chairman of Allied Land and Investment, takes shareholders back to 1958. Since then, the company's interests have materially changed. The freehold and leasehold properties belonging to the wholly-owned sub- sidiary companies have a present-day valuation in excess of £11 million. Of this amount, only £1 million is represented by residential properlY having an element of commercial value. The properties are let to substantial tenants. The net profit after tax has risen from £227,310 to £252,197, and the dividend has been increased by 2 per cent to 24 per cent. The ls. shares at 3s. 6d., yielding 6.6 per cent., are a promising investment.
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