Company Notes
By. LOTHBURY
THE results, before tax, of Thomas Tilling, the industrial holding company, are little different from those of 1964, itself a record, but the second interim of 20 per cer' makes a total dividend of 30 per cent against the previous pay- ment of 28} per cent. For tax reasons a first interim dividend of 15 per cent has been declared on account of 1966 instead of in October this year. The group's net profit (after tax) of £5,423,000 compares with £4,180,000, for 1964.
Sir Geoffrey Eley, the chairman, gives a full report on the company's many interests. The engineering group has converted a loss of £21,000 into a profit --` £489,000. The only profit declines occurred in the textile/clothing and vehicle distribution divisions. The group's other interests include building materials, glassware, insurance and wholesale and merchandising. As the chair- man points out, the country's economic diffi- culties have not yet been solved, but he believes that the company will overcome them by invest- ing its funds in industries whose long-term prospects are above the average. The shares of this very well-managed group (whose net current assets exceed £16f million) should find a place in every portfolio. The 4s. shares at 22s. 6d. yield 5.3 per cent.
Mentmore Manufacturing has jumped its pre- tax profits from £210,489 to £259,391, a record, for the year ended January 6, 1966. The chair- man, Mr A. E. Andrews, tells shareholders that this increase is partly due to a rise in the com- pany's royalties revenues. Mentmore, as manu- facturers of pens, pencils and ballpoints, has recently introduced a new line in gold-nib pens which is selling well. It is also making every effort to expand its export markets. The com- pany's plastics division is expanding satisfac- torily. The £1 shares at 3s. 3d. give a fair return of nearly 7 per cent.
An extract of the Hastings and Thanet Building Society's report appeared in last week's SPECTATOR. The society lent £10,824,750 on mort- gage during 1965 and also had a record number of new shareholders and depositors. This go- ahead society is still expanding its activities, having opened three new branches last year. From 4 to 4+ per cent can be obtained on various types of the society's shares. It is a member of the Building Societies Association.
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