COMPANY MEETING
ODHAMS PRESS
SUCCESS OF THE WATFORD UNDERTAKING
THE eighteenth annual general meeting of Odhams Press, Ltd., was held on May 26th in London. The Rt. Hon. Lord Southwood of Femhurst (Chairman and Managing Director) said (in part) : The profit for the year amounted to £340,192, as compared to £351,553 for the previous year, a reduction of £11,361. This was chiefly due to the disturbance of trade consequent upon the Corona- tion celebrations. The reduction of £42,700 in the trading profit must be taken in conjunction with the increase of £25,100 in divi- dends and interest receivable, which in effect, represent trading profits derived from subsidiary companies.
The debenture stock shows an increase of £ too,000. Creditors, including bills payable, show an increase of approximately £103,000, which is chiefly to be accounted for by £38,000 which has to be provided for additional Inland Revenue charges, and £44,000 balances due on trading accounts with our subsidiary companies. General reserve of £459,611 shows an increase of £9,611. It is proposed to transfer to general reserve £40,388 out of the profits of the year under review. The general reserve will then stand at the sum of £500,000.
The Chairman reviewed the balance-sheet in detail and continued : With regard to Odhams (Watford), Ltd., the programme of extension has had to be extended to enable that company to handle the large volume of work available. An issue of capital will be made shortly in order to finance these extensions to the factory and to the plant of that company. It is intended that preferential opportunities to subscribe will be offered to the shareholders of all the Odhams Group.
After dealing with their propertiei, the Chairman said : The directors have recommended a dividend on the ordinary shares at the rate of 121 per cent. per annum, of which 5 per cent. has already been paid. In view of the uncertainty of world conditions, the directors have thought it wise to make this somewhat smaller distribution for the year .under review.
There are indications of a surplus of raw materials used in the manufacture of paper, with the result that there is little likelihood of any further increase in the cost of paper in 1939.
As you know, the general economic and trading condition of the country, as of the outside world, is disturbed. It is' hoped that this is only a temporary phase and that when the European outlook is more settled there will be a considerable improvement in trading, in which your company will share.
After expressing his appreciation to the board and staff, the Chairman moved the adoption of the report and dividend resolution, which were unanimously carried.
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