1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
101
102
103
104
105
106
107
108
109
110
111
112
113
114
115
116
117
118
119
120
121
122
123
124
125
126
127
128
129
130
131
132
133
134
135
136
137
138
139
140
141
142
143
144
145
146
147
148
149
150
151
152
153
154
155
156
157
158
159
160
161
162
163
164
165
166
167
168
169
170
171
172
173
174
175
176
177
178
179
180
181
182
183
184
185
186
187
188
189
190
191
192
193
194
195
196
197
198
199
200 
MONEY MATTERS by Martin Younger
Page 148
If you've noticed an error in this article please click here to report it so we can fix it.
Transport Development group profits exceed forecast
rillARACTERISTIC of the group's capabilities and record, %ft./ Transport Development reported that profits for the year 1966 left the forecast behind by a substantial margin. Pre-tax the total for the second half of the year amounted to £2.92 million. Add the £2.57 million achieved in the first six months and the grand total for the year comes out at almost £5.5 million compared with £4.9 million in respect of the previous year.
So far as the distribution is concerned it is a case of having to be satisfied with small mercies, thanks to the Government's clamp-down. The proposed final dividend of 81 per cent makes a total for the year of 124 per cent, which rounds off the payment; adjusted for the one-for-ten scrip issue the equivalent payment a year ago was 12.3 per cent. But the directors had in mind maintenance of the actual rate of 134 per cent; the Treasury, however, stated "nothing doing".
Looking at the figures, the rise in profits from the group's storage activities was a major contributory factor behind the latest increase in profits. A second major cause was the better results from the Australian division; standing at £140,000 at the half-way-stage losses there were eventually cut by half by the end of the year.
About the current year's outlook the directors emphasize that maintenance of the latest profits depends upon how soon there is reflation of the economy; also upon the determination of the Government to prevent a wage thaw preceding a prices thaw. But whatever the situation, they add, the spread and structure of the group, and the "high calibre of management at all levels", will ensure that "maximum attainable revenue and profitability is secured".
Meantime, the market knocked 1.1d. off the price of these shares at 1 ls. 9d. At this level they yield 51 per cent based on the latest payment. If I was asked, "Stick or sell?" I should reply "stick".
The market gave a surprisingly good reception to the lower profits for the year that terminated on October 31 last reported by Northern Commercial Vehicles; the price improved 6d. at 13s. Net profit fell to £112,132 from £131,846 the previous year; the proposed final dividend of 41d. per share maintains the year's total at 7d.