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( ROSS profit of the Norwich-based `—' Pointer Group rose during
Page 38
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1965 to a record £636,410 from £510,223 in 1964. A final dividend of 221 per cent on the ordinary shares has been announced, making a total of 32+ per cent (30 per cent in 1964).
The board's policy of making adequate provision for replacement of equipment is shown by an increase in depreciation set aside from £230,831 to £313,949, and after all charges, before taxation, the Group's profit was £308,260 (£279,392 in 1964).
Describing, in a report, 1965 as another year of progress, the chairman, Mr. Peter H. Pointer, says the biggest problem was a tremendous increase in costs. The group suffered more than most in having to bear the 50 per cent increase in road fund tax and the full 12 months' effect of the 6d. per gal. increase in fuel tax made in November, 1964. There was also a big jump in labour costs.
Mr. Pointer also refers to the tremen dous increase in Government legislation which, he says, has not only added to the administrative burden, but has been of no assistance or encouragement in the perpetual task of increasing productivity.
The directors are considering the raising of further capital and a resolution will be put to the annual general meeting on March 31 to increase the authorized share capital by the creation of a further 750,000 ordinary shares.