MONEY MATTERS
Page 81
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Giltspur Raises Dividend
'Fmarket had almost taken for granted that the results of G1LTSPUR INVESTMENTS for the year ending March 31 last would show progress. Net profit was, in fact, £28,81J higher at £200,170 compared with the previous year. Out of these higher earnings shareholders are to receive direct benefit by way of a 5% increase—to 25°,1—in their dividend. And, commendably quick off the mark at issuing his annual statement, the chairman, Mr. M. Joseph, has some good news regarding prospects. He comments: "I am writing this statement at a very early stage in the current year and this adds to my difficulties in attempting to forecast the course of the year's trading, but such indications as I have lead me to believe that, subject to any unforeseen major economic disturbance, the year to March, 1965, will result in a profit in excess of that upon which I am now reporting."
Earlier in his statement Mr. Joseph commented that the commercial vehicle fleet hire section provides a very solid core, " h'ch ensures that we are less vulnerable to fluctuations in the trade cycle than other companies in the motor business ".
The transport and storage activities of BULLENS ORGANISATION LTD. are developing; Bullens are now the leaders in the field of large-scale office removals in the London area.
The results for the year to March 31 last of ATKINSON LORRIES (HOLDINGS) LTD. are expected in about a couple of months' time. Although Atkinson, by comparison, is a small manufacturer of commercial vehicles, it has a record which indicates it is well able to bold its own against the larger brethren. The earnings and dividend record of this company during the past five years is indeed a model of consistency; earnings have ranged between 234% and 19M, while 10% dividend has been paid in each of the five years. Reporting to shareholders last September, the chairman, Mr. W. G. Allen, sa'd that since the end of March, 1963 the group's order book had shown a considerable increase. He stated they were not only holding their own, but in fact gaining new customers.
The market, which has a good ooinion of these shares. expects to see an exaansion in earnings when the results of the 1963-64 trading year are made known, and a lifting of the div'dend from the present level would cause no real surorise in the City. At their nresent price of 6s. (their peak mice this year is 6s. 14d.) these 2s. Ordinary shares yield £3 6s. 8d.% on the latest dividend covered twice. I expect to see further activity in them as the time for the announcement of the results approaches.
What, a reader asks, is a " stag"? He (or she) is a person who applies for shares (or stock) about to be issued in the hope that a sale for profit can be effected when clearngs in the shares (or stock) begin.