COMPANY NOTES
SIR GRAHAM CUNNINGHAM, chairman of Triplex Glass Holdings, presents shareholders with an attractive and encouraging report, for as well as facts and figures it contains the story of 'glass' =Mops and Maids' (in which the walrus and the carpenter play a part) written by the chairman. The interim statement in March was not very encouraging, but for the year to June 30, 1959, the figures make a good showing. In the safety glass division, sales have risen by 20 per cent. and the trading profit by 24 per cent., producing a net profit after tax of £590,333 and providing a cover of 95.1 per cent. for the 30 per cent. dividend, leaving a surplus to be carried forward of £313,852. The booming car industry has un- doubtedly increased the demand for safety glass, but the engineering side of the business is also expanding. During the year, £121,130 was realised by a sale of a holding in Thomas Tilling ordinary., shares; this sum has been transferred to capital reserve and still leaves £402,000 in quoted invest- ments. This ,well-managed company has a profit- sharing scheme for its employees, who annually, from their committee of delegates, select one of its members to address the annual general meet- ing, to be held on September 23. There are pros- pects of increased profits for the current year, so that the 10s. ordinary shares may not be over- valued at 69s. to yield 4.3 per cent.
During the 56 weeks to April 25, 1959, import- ant changes have taken place, says the chairman, Sir Ambrose Keevil. The company, having amalgamated with Lovell and Christmas, is now known as Fitch Lovell and the group has acquired I. Beer and Sons (Ibson Group) and West (Butchers) Ltd. Two illustrated insets with the report give a clear and interesting picture of this newly constituted widespread organisation, the issued capital of which was increased to £1,721,863 as against £747,301. Since the date of the balance sheet a 100 per cent. bonus issue of 'B' ordinary shares has been made and also a rights issue for cash of 3,891,000 'B' ordinary, bringing the issued capital to £2,937,801. The net profit after tax was £557,766 against £308,725. On the smaller capital an interim dividend of 121 per cent. plus a tax- free bonus of 11 per cent. was paid; on the larger capital (before the 100 per cent. bonus) a 14 per cent. final dividend plus a 1 per cent. tax-free payment has been declared. The adjusted divi- dend rate (excluding the bonus payments) is equal to 131 per cent. The chairman states that the first quarter's trading for this year shows an increase in sales and profits and that he will be disap-
pointed if the results for this year do not provi even better than last. At 10s. 3d. the 2s. 6d ordinary shares (yield 3.25 per cent.) suggest thal a higher dividend for the current year can be confidently expected.
As suggested in our issue of August 14, Mr H. Scott Thompson. the chairman of Moan' Charlotte Investments, gave shareholders further good news at the annual general meeting held da September 8. There is to be a rights issue of two new 'A' ordinary shares at 4s. 3d. each for every three 'A' ordinary shares now held for the purp05; of repaying bank overdrafts, increasing the issued capital to £250,000. The chairman has forecast '; total dividend of 14 per cent. on the increased capital for the year to June 30, 1960. An extract from his speech appears on page 345.
. Phipps Northampton Brewery has for the sum of £680,000 acquired 159 licensed houses from Ind Coope, and is raising most of the money by a rights issue of one-for-twelve at 56s. The directors have definite plans for the improvemeate of the company's properties and the expansion 0' its interests. In making the rights issue they for cast a final dividend of 12 per cent. which will put the shares on a 16 per cent. rate for the year The £1 ordinary shares at 64s. x.r. yield 5 per cent' City and Country Property 2s. ordinary shares were offered on July 23 this year at 4s. 6d.; they are now 8s. This company announces that it 1° recently bought residential and shop propern0 in Holborn, Stepney. and Hammersmith totalling £465,000 in value, which will be satisfied by an allotment of 500,000 fully paid 2s. ordinary shares This purchase will extend the company's propertyi interests beyond the Peckham area in South-Fa-
,
London, where there is considerable redevelor ment to be done. The directors forecast a 10 Per cent. dividend for the year to September 30, 196o. Transport Development, one of the leaders 'r the transport industry, is making a one-for-f°1-1t rights issue at 9s. 6d. to produce about £700,0vs': Since the last accounts the companyba' acquired Bristol Industries, Connal and Cotic'; pany, and H. C. Green Lighterage and Wei, Ferry Wharfage. These profit-earning acc10'" Lions should give promise of a possible higher r dividend for the current year. Last year 15 Pe, cent. was paid (twice covered) on the increaso capital. This year 111 per cent. can be expect' but if the dii,idend should be 121 per cent. the a good return of around 5 per cent. would obtainable on the 5s. ordinary shares at ti' present price of 12s. 6d.
Previous page
