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MONEY MATTERS
Page 112
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Well Done, TDG
'THE market had expected the interim results of I TRANSPORT DEVELOPMENT GROUP to be good. If proof of this were needed it was to be found in the way these shares stood their price ground recently when the general trend of equities was downwards. The results are, in fact, excellent. Group income soared to £17,460,000 from £14,382,000 during the same six months a year ago. Pre-tax profit is as good as 32% higher at £2,298,733 against £1,740,520. Out of these increased earnings the directors are paying an interim dividend of 4%, which is payable on a capital increased by a onefor-five scrip issue. Adjusted for this scrip issue the equivalent payment a year ago works out at 31%.
In the results now announced no profits from Liverpool Warehousing Co. have been included. But a full year's profits will be included in the final annual accounts. In making this increase in the interim payment the board warns that it must not be taken as an indication that the total distribution for the year will necessarily top the 111% equivalent payment in respect of 1964. Nevertheless, I shall be surprised if the board's policy of recent years of at least maintaining the dividend following the annual capitalization issue is not continued in respect of the current year. The chairman, Mr. P. S. Henman, states that profits are running in excess of those for 1964; the results for the whole year "should afford satisfaction". At around their present price of 12s. 6d. they return 41% based on a dividend of 111%..
There was good news, too, for the shareholders of main Ford dealers—HANGER MOTOR CO. (Birmingham). Trading surplus of the group for the year that ended on June 30 last amounted to £486,978 and compared with £358,386 in the previous year. As forecast, the directors recommend a final dividend of 14%. This is payable on a capital made larger by a one-for-two scrip issue. It makes the year's total equivalent to 20% compared with a total equal to 131% the year before.
Martin Younger