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Atkinson does it again
Page 101
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THE determination of ATKINSON LORRIES (HOLDINGS) to top the previous year's results and their capacity annually so to do are now established facts. Indeed the market takes this event for granted.
The latest figures relating to the year that ended on March 31 last are excellent. Pre-tax profits jumped to £367.091 from £232,286 the previous year. Shareholders are to receive direct benefit of these better-than-expected earnings; the proposed final dividend of 12-1% lifts the year's total 24% to 15%.
It is stated that the directors took "full consideration" of the country's economic situation in making this increase in the distribution. At the half-way stage it was forecast that profits would about equal those of the previous year. It seems fairly clear, therefore, that the final six months must have been good from a trading point of view. Turnover is up to E5.3m. from £4m. the previous year.
The two newly added subsidiaries—Atherton Brothers and Diesel industry Group—contributed approximately £50,000 to profits last year. Their contribution during the current year may well be greater. The price of these shares hardened 4-id. to 6s. 71d. following the news and subsequently added 1-1-d. to reach
6s. 9d. At this price they yield 44-% based on the latest dividend In view of prospects—the order book is -very full"—they appeal to me as being by no means over-valued.
Last February a "slight improvement" in the results for 1965 was forecast by LEP GROUP. Pre-depreciation. the trading surplus is in fact just that—£1.39m. compared with £1.23m. in respect of the previous year. The directors state that these results justify a raising of the dividend. But because of the Government's request to "freeze", the proposed final payment is 131% to maintain the year's total at 23%.
So far as the current year is concerned the "jobs tax" is likely to bite into profits—as a provider of miscellaneous transport services. LEP pays but gets no relief: the cost is expected to be around E130,000. A little disappointment at no increase in.the dividend lowered the price of these shares is. 3d. to 152s. 6d. following the announcement. At this price they yield N% based on the latest payment. They-have been over 160s. this year and I would hold for recovery.