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136 
MONEY MATTERS
Page 79
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Bain and Hodge—higher interim
NEARLY a year ago the directors of general haulage contractors
and wharfingers BAIN AND HODGE forecast that the interim dividend for the current trading year would be lifted by 4% to 10%. They have duly honoured that forecast—an achievement that ranks high so far as assessment and confidence are concerned.
In the six months that ended on November 30 last pre-tax profits amounted to £143,068 compared with £107.353 in respect of the same period the previous year. In the six months now reported on turnover soared to £1.85m. which represents a rise of something of the order of 77% compared with the first six months of the previous trading year.
There is little doubt that the stringent reorganization of activities carried through a year ago was primarily responsible for this great advance. Matching this increase of trade with the approximate 331% rise in pre-tax profits does indicate, however, that margins are under some pressure.
These, of course, are important points to look at when trying to assess the likely final dividend. Last year the payment was 16-1%. To raise the half-way-stage payment by 4 points will be widely interpreted as board room confidence in the outlook for the year's
second half. A higher final distribution would not surprise me.
For 1965 the pre-tax profit of TRENT MOTOR TRACTION amounted to £292,919. This compared with £354.317 the previous year. The directors state that the reasons for the set-back will be given in the annual report. The contraction, they add, "is obscured by the purely marginal drop in net profit". Tax this time takes £80,154 against £141,500 the year before. Despite the fall in profits, however, the proposed final dividend of 44-% makes an unchanged total of 74% tax free for the year.
Although by no means in isolation the KENNINGS GROUP is finding present trading difficult. For the half year that ended on December 31 last, pre-tax profits declined to £819,943 from £1,065,546 for the same half year previously. Chairman George Kenning states that (a) higher costs, (b) credit restrictions on vehicle sales, and (c) high costs of financing large stocks of vehicles caused the set-back. The interim dividend is maintained at 4%.
Martin Younger