MONEY MATTERS
Page 40
If you've noticed an error in this article please click here to report it so we can fix it.
Turner and Newall's Good Figures
QALES of TURNER AND NEWALL during the year 1,-) that ended on September 30 last jumped by £10m. to £91m. compared with those for the previous year. And, contrary to the experience of many companies these days, profit margins appear to have been fairly well maintained.
Accruing from these sales the directors report that pretax profits for the year amounted to £16,139,312 compared with £15,498,806 for the 1963-64 trading period.
The proposed final dividend of 7% maintains the year's total distribution at the equivalent of 101%. But in addition this time there is a recommended special supplementary dividend of 11%. This recommendation (which is for the 1964-65 trading year only) is being made because of the transitional effects of the 1965 Finance Act.
Referring to the embargo now in force on imports of asbestos from Rhodesia, the statement confirms the provisional statement made in November that such a situation would not affect the group's manufacturing operations for long, during which period of time it would expect to make adequate supply arrangements from other quarters.
At around their present price of 36s. 9d. these £1 ordinary units give a yield of 6%. I should be in no hurry to sell them.
The chairman of BURNHOLME AND FORDERroad transporters and hauliers—makes some encouraging comments in his latest annual review sent to shareholders. Current trading is proceeding at a satisfactory level, he states. He sees no reason why the trading results of the current year should not be maintained.
Full confidence is expressed by the directors in the present management of the group's subsidiaries and of their ability to extend integration of the group's trading activities with advantages to both efficiency and profitability.
The shares of this group came to the Stock Exchange in the latter half of 1964. Their present price (they are 2s. denomination) is around 4s. 9d. ex-dividend. At this price, based on the latest dividend they yield 5,1%.
Martin Younger