Company Notes
By LOTHBURY
ASSOCIATED-REDIFFUSION, the London weekday commercial television contractor, Will, says the chairman, Mr. John Spencer Wills, be applying to the ITA for a renewal of its con- tract next year. This contract, he states, will be renewed and he expects that his company will also secure the seven-days-a-week London con- cession when the ITA's second channel comes into operation. This rather implies that a reason able rate of profit can be expected. The company is controlled by its two major shareholders, British Electric Traction having a 50 per cent interest and Rediffusion a 37.5 per cent interest.
The rent roll from Central and District Proper- ties was largely increased by the revenue from Berkeley House for the year ended March 3], 1963, so that pre-tax profits rose from £708,512 to £748,278 and ,would have been higher had it not, been for the interest required to service the issue of last year's convertible loan stock and a trading loss from the Canadian subsidiary, United Lands Corporation. The company has several large schemes on hand which include the Boston, US, office block. to be carried out jointly with Alec E. Colman and Co; the old Daily Mirror site off Fetter Lane: a town centre development in Manchester: and shop and office developments. in Altrincham, Bury, Chichester, Farnham, Chelmsford, Loughton, Northfield, York and Warrington. Net profit was £427,743, the dividend is increased by 1 per cent to 9 per cent and it is proposed to increase the capital by a one-for-four bonus issue. The 10s. Ordinary shares at 21s. 3d., yielding 4.3 per cent, have prospects. For those needing a 6 per cent income, the loan stock (with a first convertible date in October) can be bought at £112 per £100 of stock.
The full report by Mr. C. J. Oppenheim, chair- man of Copthall Holdings, discloses that income increased from £58,645 to £90,057 for the year to March 31,.1963. The previous year included a profit of £67,429 on the sale of investment property. Since the close of the year the com- pany has purchased fifty-four shops on long leases, a commercial building, fourteen new houses, a block of modern flats and maisonettes. It has also acquired a 52 per cent interest in the Homeville Co.. a successful company ad- vising local authorities over council house con- struction. An interim dividend of 10 per cent, plus 1 per cent tax free, has already been paid; there will be no final payment. But the directors forecast a dividend of not less than 11 per cent for 1963-64. On this basis the 2s. shares yield 3.7 per cent with excellent prospects on planned developments.
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