C ompany Notes fi le t it if 51 ' Oa t th e th e tS t j °
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bek„WNAYS, well known as constructional all 6:-gineers, steel stockholders and erectors of 4tisCdts of steel work, have had a busy and elk ,-,Try Year. The company, as might be not etto-,;_nas profited by the building boom, but the extent that had .been hoped, profit the margin5 having been reduced. Pre-tax profits for ag-iolar to March 31, 1960, were £259,432 262,153, leaving a net profit of £126,100, °r(114„-ent to earnings of 40.8 per cent. on the capital on which a dividend of 17+ per id line same for the past five years, will be krip i-g.t is also proposed to make a one-for-one tits out The chairman, Mr. G. H. H. Thomas, °tit that this does not indicate an increased 11:1 next Year, but it is reasonable to sup- int t)r°at the equivalent rate of 8+ per cent. might thite,ved that upon to, say, 10 per cent. He also at the new heavy bay at Welwyn G 1, 44Y; completed in 1958, has enabled larger it s`atinn contracts to be undertaken, and tkt to IS PIOPOSed to extend the present works hstruct a new head office block at Batter- • end of heh should be completed by the en • pr;"ceere_ should be scope for improvement in s8 01 the 5s. ordinary shares at 15s., yield- L, Per cent. -ntish r-,laY Wireless and Television provides .'4"1 services to all kinds of organisations
including factories and schools; it also rents out television and radio sets. The company has had a most successful year, the gross trading profit to April 30, 1960, having jumped from £1.7 million to £2.47 million and the net profit (after a small tax charge) from £273,000 to £677,000. The trad- ing profit includes £400,000 from subsidiaries acquired during the year, and on' top of the usual amount for depreciation the unusual step has been taken of charging a further £837,000 (being the book value of all television sets with screens smaller than 17 inches) to depreciation. Two interim dividends of 5 per cent. each have been paid; it is now proposed to pay a final of 7 per cent., making a total of 17 per cent. covered 2.4 times by earnings against 16 per cent. forecast in February. No doubt the chairman, Sir Robert Renwick, Bt., will have an interesting story to tell shareholders at the annual general meeting on September 30. This is a company with growth prospects in spite of short-term credit restrictions, which is reflected in the price of the 5s. ordinary shares at 25s. yielding 3.4 per cent.
British Match Corporation, famous for 'Brymay,' 'Swan Vestas' and 'Major' book matches, has produced excellent results for the year to March 31, 1960, the group profit before tax amounting to as much as £3,573,746 against £2,765,200. Last year the capital was increased by a one-for-two issue of shares; it is now pro- posed to increase the ordinary dividend to 2s. against (the equivalent of) Is. 8d. The chairman, Marshal of the Royal Air Force the Rt. Hon. Viscount Portal of Hungerford, advises that through broadening the company's other activi-- ties these now amount to 22.2 per cent. of the total, 77.8 per cent. being represented by the match industry. These figures include the com- pany's large overseas interests in Canada, Australia and New Zealand. The chairman re- ports that the Bryant and May modernisation programme costing Elf million is nearly com- pleted. He expects that their interests outside the match industry will continue to expand; these include The Airscrew Co and Jigwood Limited (man-made timber), H. W. Chapman Limited (packaging), C. A. Coutts and Co. Ltd. (card- board boxes), I. N. Mills and Co. Ltd. (wire products), James Pain and Sons Ltd. (fireworks), Prestfibres Ltd. (pressure mouldings), and Joseph Stephenson and Co. (London) Ltd. (steel wool). The net profit after tax was £683,185 compared with £564,316 providing a cover of 2.5 times for the 10 per cent. dividend. The £1 shares at 44s. 6d. yielding 4.5 per cent. are an excellent investment.
Hardura Group present their first annual report as a public company. This company, under the chairmanship of Mr. Stanley Walsh, manu- facture 'Hardura,' a most successful form of floor covering of tufted carpets and needle felts. The chairman reports that sales have expanded by 20 per cent. For the year ended June 30, 1960, over £34,000 was spent on capital account. It is intended to spend a further £21,000 on a new factory and plant to develop an entirely new product, which venture he hopes will prove profitable. The net profit after tax amounted to £74,661 against £54,902. A final dividend of 30 per cent. is proposed; this, with the interim of 20 per cent., makes a total of 50 per cent., which is covered 1.7 times. The 5s. ordinary shares at 40s. 6d. to yield 6.2 per cent. could prove to be an interesting investment.
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