Company Notes
By LOTHBURY
IN our last issue .was an extract of profits from Tunnel Portland Cement for the year to March 31, 1965. Trading results were slightly in excess of those of last year, due to a 5 per cent increase in output. Trade investments, after tax, have produced an income of £426,710 against £369,487. The chairman points out that there is still a heavy demand for the com- pany's products, which can only be satisfied by massive imports of clinker and cement. The out- look for the cement industry is entirely over- shadowed by the restriction of building activity in this country. A total dividend of Is. lid. on the 'A' and 'B' 10s. ordinary shares gives the 'B' ordinary at 40s. a yield of 4.8 per cent on the 19.15 per cent dividend. This excludes the special tax-free payment of 2.1 per cent.
Results of Enstock Trust (reported last month) for the year ended March 31, 1965 were extremely satisfactory. The company's major interest is still in the very profitable shareholding of Klinger Manufacturing, the textile machinery makers. In view of the uncertain economic out- look, the chairman had wisely decided to invest £450,000 on short-term loans to local authori- ties. This safe money is earning very good inter- ests. The trust's quoted portfolio is valued at £2,213,642. The dividend is 25 per cent against 20 per cent last year, giving the 2s. shares at 8s. a yield of 6.2 per cent. A share to hold.
Smith's Potato Crisps had a difficult year to March 31, 1965, but came out of it well. Group Profits moved up from £1.4 million to £1.44 million, but the dividend stays at 271 per cent. The chairman, Mr. Thomas Swan, states that the actual productivity has never been greater and that group sales for the past year were the highest ever achieved. The group's other food interests (which form only a small part of the total) include Tudor Food and Snakpah Food Products as well as G. and T. Bridgewater, making Dad's Cookies. The chairman will no doubt have some- thing more to say about home and overseas trading at the annual general naceting on Sep- tember 7. Meanwhile, the 5s. shares at 23s. 3d., Yielding 5.9 per cent, are worth holding
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