Bain and Hodge Profits Up—and More Expansion Soon?
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A FTER reporting profits after tax of £200,591)—£59,679 up on the previous year—and a proposed final dividend of 16+ per cent, making 22+ per cent for the year, Mr. C. E. Dormer, chairman of Bain and Hodge Ltd., the road haulage and storage group of 29 companies, referred in his report to shareholders to rumours which followed the resignation of directors earlier in the year.
"These resignations attracted considerable undesired publicity ", Mr. Dormer said, "and the affairs of Bain and Hodge have since been the subject of rumours which I wish to emphasize have been quite without foundation."
The resignations from the hoard were caused by sincere differences of opinion as to what might constitute the best interests of the group, he said. " We regretted that these differences could not be resolved without resignation."
Mr. Dormer said the group had grown rapidly in strength and importance and the accounts for the year ended May 31, 1965, provided positive evidence that it would continue to do so.
Gomm's Transport Ltd., the Keenan Group, the Jones Group, and Dunstable Transport and Storage Co. Ltd., had been acquired and trading profits for these companies over parts of the year were included in the overall figures.
Mr. Dormer said draft figures for The first quarter of the current year were encouraging and indicated satisfactory growth in group profitability compared with the same period last year.
The board was constantly alive to expansion possibilities, he said, both by natural growth and by further possible acquisition.
BMC CLUB IS 10
THE BMC Drivers' Club recently celebrated the 10th anniversary of its foundation in 1955.
During the four months following, 25,000 drivers of Austin and Morris commercial vehicles became members and within six years the total soared to 100,000.
Mr. A. W. Hopton, national organizer of the Club from the start, said: " We are still enrolling 400 new members each week and the current total exceeds 114,000 ".
Lep Office Moved
I EP TRANSPORT LTD. has moved .1-1 into new offices at Parkeston Quay Station Building, Parkeston, Harwich, where Mr. K. Priestley is manager.
The international road ferry department of the company has established an office and trailer depot at Hull to handle freight moving from the north of England on the new Hull/Rotterdam roll-on/rolloff ferry. The depot at Williamson Street, Hull is under the management of Mr. F. Walker.