Company Notes
Fthe first time for many years there has been a small reduction in the trading profit of The Pullin Group Ltd. for the year to Septem- ber 30, 1961. This, in spite of increased turn- over, is mainly due, explains the chairman, Mr. R. B. Pullin, to substantial expenditure on de- velopment and to lower profit margins. The company is noted for the manufacture of scien- tific and industrial control instruments. Pre- tax profits were £335,380 against £360,694, but taxation was much higher at 54.5 per cent. against 48 per cent. last year. The dividend is again 25 per cent. (6d. per 2s. share), to give a 5.1 per cent? yield at 9s. 9d., which can be considered as a fair return and makes the shares a good long-term investment.
The Monotype Corporation experienced an increasing demand for type casting and setting machines, but gross profits for the year to Sep- tember 30, 1961, showed only a small increase at £817,889. There were heavy capital commit- ments during the year, but these have now been reduced to £38,000. The net profit after tax was £384,984 and the dividend of 8 per cent., ab- sorbing £147,000, is maintained. The £1 shares at 50s. 6d. yield 3.2 per cent.
Alex Cowan and Sons, paper makers and manufacturing stationers, has produced some very satisfactory accounts for the year to Sep- tember 30, 1961. Trading profit of £403,939 was the highest since 1950-51, but with a higher tax charge the net profit at £160,457 was lower than that for 1959-60. Economies have been effected by the introduction of new machinery. The subsidiaries in New Zealand and South Africa are doing well, but the Australian com- pany made lower profits. The chairman, Mr. Alex Harrison, points out that, since the close of its year, conditions have deteriorated in that keener competition and a slackening in demand have led to lower prices. It must therefore be assumed that the current year's result will not be so good. The 10s. shares have fallen to 17s., giving a useful yield of 8.8 per cent. on the 15 per cent. (Is. 6d.) dividend.
Unicorn Trust, one of the investment trust units in the Dillon Walker group, of which Mr. Edward du Cann, MP, is managing director, is offering one million units at 7s. each to yield 3.8 per cent. These new units should have a wide appeal, for since they were introduced in 1957 they have done better than the Financial Times industrial index. They provide a long- term investment in British industry and should more than pay for their keep
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