COMPANY MEETINGS
ODHAMS PRESS
SOUND POSITION OF THE BUSINESS
THE twentieth annual general meeting of Odhams Press Limited was held on May 24th at Connaught Rooms, Great Queen Street, London, E.C.
The Rt. Hon. Lord Southwood of Fernhurst (chairman and managing directcr) said:
You will see that the net profit for the year amounted to £258,168, as compared with £260,067 for the previous year.
Trade creditors, including bills payable, show a decrease of approximately £65,0oo, and the amount due to subsidiary companies is down by some £21,000. Allowing for the increased amount due to the Inland Revenue, there is a decrease in the total of the item creditors of, approximately, £82,00o.
General reserve of £510,563 shows an increase of £1,084 after writing off the expenditure during the year in respect of buildings in the course of construction and capital charges. You will see from the directors' report that it is proposed to transfer to general reserve £48,351 out of the profits of the year under review. The general reserve will then stand at the substantial sum of £560,000.
The next item of importance on this side of the balance-sheet is the profit and loss appropriation. Shareholders will be pleased to know that it has not been necessary during 1939 to provide for the guaranteed preference dividend of Odhams (Watford) Limited, as that company has again been able to pay its preference dividend, and has also been able to make a refund of dividends previously provided by your company on its behalf.
An exceptional item of expenditure is the provision of £25,232 for A.R.P. requirements.
Now turning to the assets side of the balance-sheet, freehold and tes.sehold premises show a decrease of £3,904, and plant, machinery, and equipment a reduction of £41,425, both being the amounts by which provision for depreciation has exceeded the additions during the year.
The stocks on hand and work in progress, which are valued in the usual conservative manner, stand at £136,598, a small increase of £1,730 over the previous year.
Trade debtors are up by £10,941 and subsidiary companies' balances by £29,551. On the other hand, if you will refer to the next item, investments, you will notice that subsidiary companies show a decrease of £18,577. Miscellaneous investments at £41,096 are up by £24,008.
As shareholders will see, the directors have recommended a dividend on the ordinary shares at the rate of 6 per cent, per annum. Subject to the approval of this meeting the dividend warrants will be posted today.
The report and accounts were unanimously adopted.
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