Company Notes
RECORD trading profits at £2.88 million against £2.56 million have been made by btternational Tea Co.'s Stores for the year ending April 28, 1962. A large increase in turnover occurred throughout the 1,284 retail branches. lite 489 self-service stores were responsible for a higher percentage than the others. The chairman, Mr. Frank Hawkins, says in his full report that, in spite of keen competition and lower profit margins, it is intended to go ahead with the open- ing of new and the conversion of old stores to self-service, of which ninety are planned for this Year together with two supermarkets. There are outstanding capital commitments of £805,000. The company has recently entered into a second Contract with the Legal and General Insurance Co. to sell them certain properties and lease them back but still own the majority of their freehold Properties. The dividend of 121 per cent. (covered 1.8 times) is repeated for the third year running. The 5s, shares at 15s. give a useful yield of 4.1 Per cent.
Trading profits, for the year ending April, 1962, °f Furness Withy show ,a decline of fl million at £3.4 million, and were insufficient to cover depreciation on their ships. it does not seem that the outlook for the current year, with lower freight rates, can be any better, unless the chair- man, Sir Errington Keville, at the forthcoming annual general meeting can give shareholders a, ny encouraging news. This great shipping line 'las not found trading conditions with the Argen- tine very easy, while conditions for profitable trading through their Shaw Saville line with Australia and New Zealand are not much better. the maintained dividend of 8 per cent. was nearly Covered by income from other invest- 'bents which brought in £695,000. The £1 shares at 22s. 3d. yield 7.2 per cent. baeian Holdings, the property company, report an increase in profits for the year to x _larch 31, 1962. These amount to £378,011 (before tax and amortisation) against £320,813. Last year the company made considerable additions to its property holdings and these have no doubt been partly responsible for the in- creased revenue. Shareholders are rewarded by last S per cent, increase in the total dividend, which 1st year was kept down to 20 per cent. to com- fy With the Chancellor of the Exchequer's plea ,or restraint. The interim payment was un- LsItlarlged at 10 per cent. but the final has been sh6PPed up by 5 per cent. to 15 per cent. The 2s. ‘"ares at I I. to yield around 41 per cent. look Lery. reasonably priced in front of the chair- "Ian s statement as to future prospects. v There has been little change in the balance of ,r.`3fits (before tax) of the Enstock Trust for the -ear to March 31, 1962. The profit after tax 1.,as a little lov,er at £86,307, against £91,183. "c total market ‘alue of the investments
appears in the balance sheet at £603,970, of which £308,302 represents the trust's holding of Klinger Manufacturing, the hosiery and knit- wear concern. The company has maintained its business and is developing very satisfactorily its new machine-building and yarn-processing operations which have great possibilities, particularly in the export field. The Trust's other industrial interest, Frank H. Ayling Ltd., has also contributed satisfactory profits. The current year should be no less satisfactory than the past, although the chairman, Mr. G. R. S. Doyle, in his report with the accounts, does not make any comment on future prospects. The 2s. shares at 3s. 6d: yield 81- per cent. on the maintained dividend of 15 per cent.
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