r -IIVION EY MATTERS .......... ......
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Seddon Diesel—higher profits
I A FEW weeks ago the directors of SEDDON DIESEL VEHICLES ▪ r-% intimated that there had been an increase in profits. It is
• now reported that for the six months that ended on December I 31 last the pre-tax profits amounted to £171,409. This total • compares with £94.397 for the nine months that ended on March 1 31, 1965. The board adds that a high level of production is virtually I assured because of the good order book position. The financial • " year ends on June 30.
The difectors are confident, spared no major political upsets, that turnover and profits will be maintained during the second half of the current trading year. For tax reasons the company has paid an interim dividend of 6%. In the previous year a single payment of 124% was made.
I TRANSPORT GROUP (HOLDINGS) reported that the group 1 net profit for 1965 jumped to £68,800 from £56,000 the previous year. This balance was arrived at after allowing for corporation ▪ tax at the rate of 40%. The dividend is being effectively raised to 1 13% (up 1%1 payable on a capital increased by the one-for-two Iscrip issue.
▪ There was encouraging news for the shareholders of UNITED 1 SERVICE TRANSPORT. In his latest annual review the chairman states that figures for the first quarter of the current trading year show higher profits compared with the same period a year ago. Provided that taxation is not increased, and spared other unforeseen circumstances, he anticipates that the level of profits will at least be maintained during the remainder of the year. The directors regard the outlook as "generally favourable".
Last year was a better one for BRISTOL STREET GROUP. Turnover improved to £18.9m. from ElOm. in the previous year. The fact that net profit came out at £473,919 against £325,620 in 1964 points to margins having been fairly well held. As already declared, the distribution is being maintained at 32%. This is payable on a capital made larger by the purchase of Spurling Motor Bodies. The present price of these 4s. ordinary shares is around 23s. 9d. At this price they yield 51% based on the latest dividend. They should be retained.
For readers in need of a little investment cheer. Says leading I London stockbrokers, E. B. Savory: "Once the General Election and Budget are out of the way we look for some return of confidence to markets, and feel that any significant setbacks during the next month could well offer favourable buying opportunities."
Martin Younger I