Company Notes
By LOTHBURY
THE first report-by Mr. D. W. G. L. Haveland, the new chairman of Staveley Industries, is a satisfactory one for the year ended Septem- ber 30, 1965: Pre-tax profits rose from £1,718,000 to £2,151,000 and the dividend by '1 per cent to a total of 12 per cent by the final pay- ment of 9 per cent. An interim dividend of 12 per cent is also being paid on account of the current year, to take advantage of the provisions of the Finance Act. Unless circumstances change, it is not intended to make any further payment. The chairman states that the present level of profits should at least be maintained for the current year. A merger has just been arranged between B. Elliott and Asquith Machine Tools. Staveley dropped 2s. 6d. on the news and are now 42s. 6d. to yield 5.6 per cent.
F. W. Woolworth, the multiple stores group, has embarked on a massive modernisation pro- gramme, having spent around £19 million over the past two years. Over the pait five years there has been a steady rise in pre-tax profits, but, over the past three years, the dividend has been held at 20 per cent. The chairman, Mr. F. L. Chaplin, states that the company's ultimate aim for the future is to have a completely modern store in every place where the company operates, with upgraded merchandise and a first-class or= ganisation to serve the public. This may suggest that Woolworth's may become more competitive with Marks and Spencer. But the fact remains that Woolworth's earned pre-tax profits last year of £34,800 per store against the M and S figure of £112,000 per store in 1964. The 5s. shares, now 21s. 3d. (against a low of 18s.), yield 4.7 per cent, could be worth buying now, taking a kmg view.
The prosperity of the territories in which the British Bank of the Middle East works is closely associated with the oil industry. The new chair- man, Sir Michael Turner, emphasises the oppor- tunities which still exist for exporters to these growing markets. The Bank has had a good year, showing a 20 per cent increase in profit and is paying a final dividend- of 8 per cent, mak- ing a total 9f 16 per cent, the same as that for laThe Bank is a member of the Hongkong
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