COMPANY NOTES
RROWN BROTHERS, as wholesale suppliers of motor and cycle accessories, have, as might be expected, had a very successful year. By reason of a lower tax charge, net profits have increased by £18,119 to £397,791, this resulting from a group net trading profit of £884,660. An increase in the dividend of 24 per cent. making 15 per cent. suggests confidence in the future, of which more may be heard from the chairman, Sir Richard Yeabsley, CBE, at the annual general meeting to be held on April 15. The removal of hire-purchase restrictions should continue to benefit the com- pany, for they also supply garage equipment and radio and electrical equipment; there is a sec- tion manufacturing aircraft parts. The £1 •ordinary shares at 56s. 3d. yield 5.5 per cent.
Jeyes, the well-known manufacturers of various sanitary compounds, have produced excellent results for the year ended December 31, 1958. In January the chairman, Mr. T. Blundell Brown, announced that trading results were satisfactory and that it was intended to make a 2 for 5 scrip issue by capitalising reserves and that the 20 per cent. dividend would be maintained on the in- creased capital. Now we find that the trading profit has increased by £52,784 to £252,907, repre-
senting record earnings of 78 per cent., but taxa- tion takes as much as 50 per cent. of gross profits, leaving a net figure of £120,682. There have been changes in the boardroom which no doubt will be reflected in the organisation of the company, which the chairman says has been strengthened and from which good results can be expected. The report illustrates in colour some of the company's products, many of which are household words. A dividend of 28 per cent. is forecast for the current year, so that the 5s. ordinary shares at 23s, yielding 6 per cent. are worth putting away.
Associated Fisheries have surprisingly pro- duced much improved profit figures for the year ended September 30, 1958. British trawling is naturally subjected to many difficulties, so that it will be particularly interesting to have the chairman's report on this welcome recovery, after his somewhat pessimistic review of last year. Gross profits at £544,000 are approximately 30 per cent, higher than last year. The full accounts Will provide further details and probably dis- close that the gross trading profit exceeded million. The dividend is maintained at 12 per cent. but a special interim of 3 per cent. has been declared, to be paid on account of 1958-59, so that, assuming a 15 per cent. rate of dividend, the 5s. ordinary shares at 8s. 9d. yield just over 9 per cent.-a return to be expected on this, type of investment.
Abrahams Publicity Holdings announce a group trading profit for the year to December 31, 1958, of £96,542 against £106,116, of which £20,000 has been placed to general reserve, bringing this account up to £52,200. The chairman, Mr. A. E. Abrahams, reports that the volume of future business has now reached the highest- on record at £1,482,234, which naturally has in- volved additional expense to obtain and to some extent accounts for, the lower trading profit. The company, as poster publicity experts, are finding that television advertising is proving a stimulant to the poster form of advertising for the type of customer for whom they cater, so it would seem that shareholders can expect good results for the future. It is with this confidence, no doubt, that the chairman has recommended an increase in the dividend from 18 per cent, to 20 per cent. The net profit, after tax, was £41,325 and after minor adjustments leaves a balance of £59,582, of which the 20 per cent. dividend absorbs £28,750. The 2s. ordinary shares at 3s. 9d. xd. yield over 11 per cent.
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