MONEY MATTERS
Page 84
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Long-term Prospects Good Says Stringer Chairman -4 CIING-TERM prospects are good." This cheery
message is handed to shareholders of STRINGER MOTORS by the chairman, Mr. F. C. Stringer, in the latest interim report. He adds that our industry" must grow and we intend to grow vvith it". Turnover during the first six months of the current trading year amounted to £4,361,800 compared with 14.143,600 during the same period a year ago. Pre-tax profits were 1137.000 against 1124,400 a year ago.
Mr. Stringer points out that during the period under review supplies of new vehicles, both commercial and car, were in short supply, because of manufacturers' difficulties in meeting contracts. " We could have sold a large number of additional vehicles if they had been
available ", he comments, Although the position regarding supplies is now improving rapidly, adds Mr. Stringer, in the short-term he finds it difficult to forecast owing to the economic situation now prevailing and the Chancellor's further hire-purchase restrictions. Neverthelew. the interim dividend is maintained at 7%.
The total dividend paid in respect of the 1963-4 trading period was 20%. At around their present price of 4s. 9d. these 2s. Ordinary shares yield an aboveaverage 84% based on the 20% total, which 1 expect to be at least repeated in respect of the current year.
For the six months that ended on March 31 last the pre-tax profits of GLANFIELD LAWRENCE amounted to 131,900, a rise of 19,200 compared with the same period the previous year. There is to be no change in the policy of not paying an interim dividend.
Park Motors-Good News
The Is. Ordinary shares of PARK MOTORS (HALIFAX) started to be dealt in on the Leeds Stock Exchange now part of the Northern Stock .Exchange) earlier this year At the time shrewd market opinion was highly favourable. In his first annual review since the company was made public the chairman, Mr. R. Stead, has some good news about prospects. On the motor side " sales are continuing at a high and satisfactory level". Early news is expected, he states, about the redevelopment plans for new and enlarged premises of Park Motors. The order books of the Portland Engineering subsidiary " show a very satisfactory situation in all departments", Mr. Stead informs members.
Martin Younger