6 JULY 1962, Page 36

Company Notes

MR. W. E. BUTLIN, chairman of Butlins Ltd., has exceeded his estimated dividend for 1196I by 55 per cent. by declaring a final dividend of 55 per cent., making 70 per cent. for the year. The results were outstanding, with a net profit after tax of £1,389,847 against £878,766, and there is good reason to believe that the current year's profits will be even better. Bookings for the current year are well in advance of last year and recent acquisitions will increase the revenue. No doubt the chairman will disclose at the annual general meeting his extensive plans for the future. The company has made such rapid progress in recent years that the directors intend drastically to modify their commission entitle- ment on profits, which will be to the benefit of shareholders and signifies their confidence in the future of the company. The cover for the dividend is thinned to 1.1 times the payment, but this should be improved next year. The Is. shares at 17s. 6d. have fallen from their high point of 21s. 71d. and are now worth putting away for further appreciation.

Mr. Samuel Goldstein, chairman of Ellis and Goldstein, tells shareholders that he does not expect to be able to maintain for the current year the record level of profits achieved last year, but he believes that the maintenance of last year's results can be achieved. The trading profit amounted to £874,835 against £850,534; the net profit was £412,613. Liquid resources have increased by £177,221 and now amount to £747,725. The company has a long record of success and over the past ten years can show a progressive profit record. As manufacturers of ladies' fashionwear their products are well known and sell under the trade names of 'clerela,"Eastex' and 'Rembrandt.' The Is. shares at 6s. 3d. x.d., paying a dividend of 35 per cent., covered 2.2 times by earnings, give a good yield of 5.5 per cent.

Mr. Lewis Harris, chairman of L. Harris (Harella) Ltd., gives shareholders a good report for the year's trading to January 31, 1962. Profits are up to £504,271, which is a record, against £455,301 for the previous thirteen months period. After allowing for tax the group net profit is increased at £162,372. During the Year £105,000 was spent on acquisitions and the re- building of stores. The group now owns forty- nine stores, spread throughout the British Isles, which includes T. Baird and Sons Ltd., Nod Fashions Ltd. and H. R. Leon and Co. Ltd. The dividend of 171 per cent. is paid on the capital as increased by a one-for-ten scrip issue last July. There is to be a similar issue this year on the 4s. ordinary and 'A' ordinary shares. The latter at 15s. 6d. yield 4.6 per cent.

Reliance Clifton Cables and Industrial PO' ducts Ltd. has had an excellent year for 1961, on which the chairman, Sir Robert Renwick, Bt., reported at the meeting on June 27. Trading and net profits were higher tharie the previous year, the cable side accounting for a 9 per cent. increase. Pre-tax profits were £499,653 against £475,892, and the investment income amounted to £104,923, which is equal to about 121 per cent. of the 15 per cent.

dend. There is again a 51 per cent. tax-free ment from capital reserves of £211,378, whieh! could provide a further four years' payment at the same rate. With such a strong balance sheet and dividend cover, the 5s. 'A' Ordinary shares at 19s. 3d. naturally give a low yield of 3:9 Per cent., which improves to 5.8 per cent. If t"'"„ tax-free bonus is included.