MONEY MATTERS
Page 81
If you've noticed an error in this article please click here to report it so we can fix it.
Williams Hudson's Good Results A S had been anticipated by the market, the results for .t-% the year ended on March 31 last reported by WILLIAMS HUDSON were good. Group pre-tax profits soared from £657,664 the previous year to £824,182. After a substantially higher tax charge-1323,949 compared with £262,576—net profit comes out at £500,233 against £395,088 the previous year.
The directors reconunend a final dividend of 84% to make the total for the year 131%. For the 1963/4 trading period a total of 161% was paid; 8% of this total was by way of an interim payment made on a capital before the issue of a one-for-one rights issue.
In his annual report to shareholders the chairman, Mr. L. A. Simpson, describes the present times as "undoubtedly difficult"; he warns that the results of the current year's trading may well be less favourable than those now reported, which were a record. Nevertheless, "the expansion programme continues unabated ", he comments, "and we have great hopes for the future ". The fact that the price of these 5s. Ordinary shares dipped to around 12s.—a fall of 9d.—immediately after the results were known was largely because of prevailing market conditions; they picked up a few pence to around 12s. 6d. following the report.
At the time—last July—the Ordinary, shares of PETERBOROUGH MOTORS came to the Stock Exchange the directors forecast that group pre-tax profib for the year ended March 31 last would be not less them £150,000. In fact they are now reported to be £151,029 But shareholders will be pleased with the new that despite this no more than hitting the forecast by earnings, the dividend is being raised 1% above the forecast of not less than 14%; the proposed final dividend of 9% makes the year's total 15%.
The sharp contraction in group pre-tax profits for the year ended January 31 last reported by THOMAS S WHITNEY AND CO.-166,000 compared with £70,50f the previous year—k stated to be caused mainly by high interest charges on capital employed in the new Ford dealership at Rhyl. Stemming from this fall in earnings the directors propose a cut of 10% to 15% in the year's dividend; they recommend a final payment of 5%.
Martin Younger