MONEY MATTERS
Page 71
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BET Earns More
'OR the six months that ended on September 30 last, 1 pre-tax profits of B.E.T. OMNIBUS SERVICES amounted to £481,000. This total compares With E450.000 during the same period in the previous year. The interim dividend is being maintained at 3% tax free. A year ago this was followed by a final distribution of 8% tax free. In the latest interim statement the directors point out that because of the disparity in the rates of the interim and final dividends received from associated companies, it should not be taken for granted that the now announced pre-tax profit increase will be maintained during the second six months of the trading year.
Group pre-tax profits of PROVINCIAL TRACTION CO. for 1964 amounted to £84,636. The company has just announced that for the 28 weeks to July 17 last pre-tax profits amounted to £64,000. The statement warns, however, that the year's first half is normally considered to be "more profitable" than the second half. Therefore, it could be misleading to assess the full year's results based on those now reported for the period to July 17.
Motor trading is stated to have been "much less buoyant" since August compared with the spring. Because of wage increases that have to date not been fully compensated by revised fares, the group's bus operations are not at present producing the same degree of profitability as a year ago. For these reasons the directors find themselves unable to estimate the final trading results for the current year. Much will depend. they state, upon trading conditions in the motor industry during the remaining months of 1965.
Subject to present conditions continuing until next March, the results at the end of the year should be on a par with last year. This forecast was made by the chairman of ATKINSON LORRIES (HOLDINGS)— Mr. W. G. Allen—when he spoke to shareholders at the annual meeting.
The forecast was made after Mr. Allen had strongly rebuked suppliers of components. The company's order book was healthy, he stated, but "embarrassing" because of limitations of supplies. Mr. Allen found a great demand for the company's vehicles when he visited South Africa recently. But they could not deliver on time. he emphasized. if makers of components did not "come up to scratch".
Marti n Younger