Company Notes
THE entry ot this country into the European Common Market will have no fears for Pasolds, manufacturers of children's clothing. The chairman, Mr. E. W. Pasold, and his co- directors are expansion- and export-minded and can boast an outstanding record of success in their overseas sales, having during the year ended March 31, 1961,. exported £703,000 worth of goods to no fewer than sixty-five countries. This is a company that can in its thirtieth year tell its' shareholders of yearly records and do so with a wealth of information in its colourful report. Over the past five years the company has nearly doubled its trading profits and has doubled the dividend. on the 5s. 'A' ordinary shares from 8 per cent. to 16 per cent. Will this be possible over the next five years? I rather think' so. The com- pany's trade mark is 'Ladybird.' You know the rhyme that begins 'Ladybird, ladybird, fly away home'-this one flies all over the world! At 61s. for the 5s. 'A' shares you have to pay a high price for top-class management and real growth.
Sterling Industries.. Since reference was made to this company's results in our issue of August 11, the chairman, Mr. R. A. Harding, reported' at the annual general meeting on August 23 that shareholders would shortly be advised as to the proposed scheme of reorganisation and also as to details in regard to the cash offer from Cayzer Interests to purchase the ordinary shares at Is. 11d. each and that the closing date for the present offer for the preference shares would be extended. The 5s. ordinary shares have re cently changed hands at Is. 34d. and the £1 51 per cent. first preference shares at 20s.
For some time the bank overdraft has bec a large item in the balance sheet, now ill million, of H. S. Whiteside. The directors have now de- cided to reduce this by making an attractive rights issue (announced August 4) of three for four at 3s. each to the Is, ordinary shareholders. The company manufactures the well-known range of 'Sun Pat' nuts, also confectionery and pickles, and increased its trading profits for 1960i by 183 per cent.; the net profit was 71 per cent.;] higher at £207,946-an earnings cover of 77 per cent. for the 40 per cent. dividend. The chair- man, Mr. T. A. Barnes, states that the company can be particularly proud of its export record- he pays special tribute in this respect to his co director, Mr. G. S. Anderson-orders exceeding £1f million were shipped to over one hundred territories. He looks for further steady expansions in the current year. Future prospects appeac, good, as a 30 per cent. dividend has been fore;-; cast on the increased capital. The Is. old sharep, are now 4s. 9d. and the new shares Is. 9i1 premium.
CORRECTION: We regret that the profit figure for International Tea Stores were given incoi rectly last week. The passage should have read
. . International Tea Stores' profits for the year to April 29, 1961, have fallen from £2.05 million to i1.90 million.'
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