MONEY MATTERS
Page 59
If you've noticed an error in this article please click here to report it so we can fix it.
Holtingdrake Pay More
'THE year ended on September 30 last-was a good one 1 for THE HOLLINGDRAKE AUTOMOBILE COM PANY and net profits after tax came out at 180,723 compared with £61,205 the previous year. Out of these Ifgher earnings the directors recommend a final dividend of 15%. Th:s makes the year's total 25%. or 11% more than was paid in respect of the previous year. The market had expected progress to have been made and the cha:rmart's review is now awaited with much interest.
Four months ago the Council of the Stock Exchangtx, London, recommended to companies that interim reports should be sent to shareholders. Further, that these reports should be as detailed as possible. Now comes to hand an interim report from BARR AND WALLACE ARNOLD TRUST, which must surely not only fully satisfy each and every shareholder, but the Council of the Stock Exchange in its entirety.
First, the overall group results. To the end of September last there were indications that "the final result would show some improvement over 1963". Subject to the alterations (if any) in the law relating to company taxation "it is anticipated that the dividend w:11 be maintained at the rate of 121% on the increased cap:tal as indicated in the letter to shareholders dated May 22, 1964", it is stated.
The current year has been a good one for BRITISH TOURS. Margins on Continental Holidays have come under strain, but the company's determination to obtain a maior share of this business has resulted in bookings showing a 50% increase. Profits from this group of companies is expected to show a rise of 10% over 1963. Because they are still in the development stage the companies in the motor vehicles' sales and service division, are not likely to make an increased contribution to the group's 1964 earnings, but a substantial improvement is looked for in 1965. Orders in the Motor body building division have continued at a high level and trading results to date eoual those of last year. A move into new premises will shortly be made which will give scope for expansion.
This Leeds-based group is clearly set on a policy of expansion and the progress achieved by its virile. forward-looking board will be watched by the market with great interest.
ATKINSON! LORRIES has made an offer to acquire the cap:tal of Diesel Industries, located in Australia. To date acceptances in respect of more than 80% of these shares have been received. Pre-tax profits of Diesel Industries for the year ended June 30 last amounted to IA9,700.
Martin You nger