CF profit recovery
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A FINAL dividend of 16.55 per cent for 1976 was announced by Crane Fruehauf Ltd last week, making a total distribution for the year of 21.5 per cent.
This result followed the company's approach to the Treasury to increase dividends payable beyond the currently imposed Government limit after a take-over bid from the Fruehauf Corporation of America.
The 53-week period ended January 1, 1977 showed a sharp increase in turnover with exports exceeding £10million for the first time in the company's history.
Turnover reflected the recovery in the UK commercial vehicle market, increasing by 40 per cent to just over £47.5million (slightly more than £33.5million in the previous corresponding period).
Exports totalled £10.25million compared with £7779million previously.
Group operating profit reached £1.510million (£111,000 previously). This exceeded the before tax profit forecast by over £100,000 when shareholders were advised to reject the American company's bid.
The final dividend of 16.55 per cent compared with 4.3679 per cent in the previous period, and the final dividend of 21.5 per cent was considerably more than the 8.869 per cent distributed at the end of the 1975/76 period.