MONEY MATTERS by Martin Younger

12th May 1967, Page 198

12th May 1967

Page 198

Page 198, 12th May 1967 — MONEY MATTERS by Martin Younger

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BET Omnibus results as expected with profits down

pre-tax profits of BET Omnibus Services for the year that terminated on March 31 were expected by the board to be a shade lower than those for the previous year. In fact they are £13,295 down at £1,269,265. The proposed final dividend of 5 per cent holds the year's total payment at 11 per cent tax free.

There was shock news for the members of commercial vehicle retailers and body builders H. Woodward and Son. Pre-tax profits for 1966 slumped to £112,086 from £123,703 the year before. After deducting a higher tax charge—£46,082 against £30,738 previously—the net balance comes out at £66,004 compared with £92,965.

Consequent upon the down-turn the directors are cutting back the distribution; the proposed final payment of 12f per cent makes 171 per cent for the year—a drop of 2+ per cent. In respect of 1965 there was also a 3 per cent capital dividend.

To do increased business is one thing, to increase profitability in line is another. George Ewer and Co. reported that during the quarter ended March 31 turnover in the coach operation division showed an increase of about 10 per cent compared with the same period a year ago, which at the time was a record.

It is added that the adverse trading conditions reported by some other companies in the field of motor distribution and repairing have not been experienced to the same extent by the group's East Anglian subsidiaries. Thus, provided margins have been more or less maintained, the next set of results to be announced by this wellmanaged group should make further pleasant reading.

The pre-tax profit of the Appleyard Group of companies for 1966 came out at £190,128 against £220,602 the year before. The proposed final dividend of 9 per cent holds the year's total at 15 per cent. Of the outlook, the statement adds that the results for the first four months of the current year are considerably lower than those for the same period a year ago. A strong plea is made that, to avoid permanent damage to vehicle makers, the Government should relax present measures before next winter. The Group's coachbuilding section is part of the hard core of profit, being more or less unaffected by the credit and h.p. measures.