COMPANY NOTES
SHAREHOLDERS in Debenhams will be pleased to hear that a one-for-ten rights issue is to be made at 20s. This was quite unexpected, although a small increase in the forecast dividend of 15 per cent, was hoped for, which has materialised at 161' per cent. The rights issue rather suggests that the directors may have decided to extend their plans as outlined when, in April, £5 million of debenture stock was issued. The company having ost the tussle for Harrods, won by the House of Fraser, may now see the necessity for further expansion, especially as their war-damage pro- gramine is now almost completed, The company's Year ended on July 31, but most of the subsidiaries close their accounts on January 31, so that the figures for 1958-59 do not really entirely reflect the improvement in trading which must have occurred this year. Looking back to 1957 both the trading profit and the net profit after tax have risen annually; for 1959 the former was £6,360,481 against £5,804,411, and the latter was £2,767,781 against £2,117,245. This year there is a provision in the accounts for unearned profit on hire pur- Chase, which has increased by £78,015 from £997. It will be interesting to learn from Mr. Bedford, the chairman, at the annual general meeting if he is ready to disclose to shareholders his future plans for expansion. The 10s. ordinary shares have improved to 43.s., 3d. xd. at which price they yield 4.1 per cent. on the dividend of 16i per cent. 'twered by earnings of 32-per cent.
Warners Holiday Camps shareholders are in the sunshine in receiving an increased dividend of 30 per cent. against 25 per cent. for the year 16 March 31, 1959. The figures for 1959-60 'sill certainly make a better showing than the net profit after tax of £45,253 for the past year which covered such a bad summer. On a revaluation of the company's properties a surplus of £522,322 has arisen which is to be placed to capital reserve account. It is proposed to capitalise part of this reserve by an issue of two million 2s. ordinary ;hares and 200,000 £1 6 per cent. cumulative reference shares together with a further issue of four million ordinary and 300,000 preference shares, thus making the total issued capital C900,000 against £200,000. The directors advise that they have acquired Sinah Warren Co., operat- ing a hotel on Hayling Island, and also that they intend to pay an interim dividend in January next and anticipate paying a total dividend of 15 per cent, for 1959-60 on the increased capital. The 2s. indinary shares at 12.s. 3d. yield 4.9 per cent. on the 30 per cent. dividend covered by earnings of 36,9 percent.
The directors of Vitamins, who advised share- holders not to a:-vept an oiler for their company made by United Molasses Co. in July, now issue the accounts for the year to March 31, 1959. There has been a small increase in the trading profit and a very satisfactory increase from £146,161 to 1:177,129 in the net profit after tax. The company manufactures forty products which include the Nell-known products Bemax and Vitamix. The directors state that the past year has been one of :.onsolidation, that good progress has been made some fields of bio-chemistry and that sales of Vttamealo products have been a record. The 5s. ordinary .shares at 27s. yield 4.6 per cent. on the 2.5 per cent. dividend covered by earnings of 48.3 Per cent.
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