COMPANY MEETING
WEBSTERS PUBLICATIONS LIMITED
LT.-COL. W. D. GIBBS REPORTS HIGHER EARNINGS AND DIVIDEND
THE 11th annual general meeting of Websters Publi- cations Limited was held on January 13 in London. Lt.-Col. W. D. GIBBS (chairman and managing director) presiding.
The following is his circulated statement: I am pleased to report that the profits of the Group for the year ended 31st August, 1965, amounted to £124,091, which represents an appre- ciable increase on the profits for the previous year.
As foreshadowed in my last report and in common with most of the National Press, the selling prices of your Company's main sporting publications were increased during the year. This price increase became effective from 1st March last and it will be appre- ciated that a rise in price inevitably increases the pressure on circulation but I am glad to say that the steps taken to counteract this have proved most satisfactory. I would also mention that under the direction of Mr. P. L. Colvin your Company's financial publications had another successful year.
During the year under review your Directors were happy to co-opt to the Board Mr. A. S. Waugh who has a notable reputation in racing circles and has been primarily responsible for the editorial con- tent of your Company's racing papers for a number of years. In accordance with the Articles he offers himself for re-election.
Your Directors have considered the implications of the Finance Act. 1965 and have thought care- fully concerning their dividend recommendation. In their opinion. it is right that shareholders should receive the rewards of increased profits and. in view of the results. have pleasure in proposing a final dividend at the rate of 60 per cent., making. with the interim dividend already paid, a total of 80 per cent. compared with 70 per cent. for the previous year. and leaving a balance of unappro- priated profit of £40,450 to carry forward.
During the three months ended 30th November, 1965. I am glad to report that the profits are higher than in the corresponding period of last year in spite of an increase in promotion expenditure.
I would like to pay tribute on your behalf to the Group's employees whose skill and acumen affect so vitally the financial results, and which enable me to view with confidence the future prosperity of your Company.
The report and accounts were adopted.
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