Company notes
Brewers' results continue to revive a market which until recently was depressed by Mrs Castle. Guinness shows a profit before tax of £11,119,000, against £9,869,000, with sales of stout and Harp lager both at new records. Bet- ter results from brewing more than offset worsening figures from confectionery and pharmaceuticals. The dividend goes up one point to 22 per cent.
Westland Aircraft shows a higher profit be- fore tax (£3,851,813) and a lower profit after tax (£2,311,932, against £2,411,089), having to allow for the increase in corporation tax and the change from investment allowances to in- vestment grants. The increased dividend (11 per cent on capital increased by 1-for-2 scrip issue, against 15 per cent on the old capital) is partly provided from a surplus of £578,231 on an investment.
The total dividend of 16 per cent (against 15 per cent) from Associated Engineering is as forecast at the time of the rights issue in July. Though the tax charge is up by more than a quarter of a million pounds, profit after tax is £2,729,559, against £2,520,155. This leaves the dividend 1.4 times covered.
Blakdale Products, though the board states that conditions during the year were difficult and no regular pattern emerged, has put the dividend up from 224 to 274 per cent on post- tax profits £10,928 lower at £279,752. The order rate has been curtailed by the reduction in in- dustrial investment.
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