Profits downturn for Mitchell Cotts
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PROFITS for Mitchell Cotts Transport Ltd in the sixth months ended last December 31 fell to £207,000 compared with £283,000 in the final six months of 1973. Profits after tax for the year ended June 30 1974 were £517,000. The disappointing results in the latter end of last year were despite an increase of over £800,000 in the company's turnover.
In a statement Mr J. K. Dick, the company's chair man, said that predictions of less favourable business trends had been borne out by events. The downturn, he said, reflected the effects of cost inflation and the reduction in business being experienced by several major customers. However, progress had been made in cold storage. An interim dividend of 1.05p per share is to be paid to shareholders. This was the same amount as last year.