MONEY MATTERS
Page 60
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Appleyard Profits Rise
'THERE was a substantial rise of around 30 per cent in the group pre-tax profit of THE APPLEYARD GROUP OF COMPANIES for the year ended December 31 last. This amounted to £273,696 compared with £211,154 the previous year. Out of these increased earnings the directors recommend a final dividend of 9%. This makes the year's total 15% against 13% previously. The fact that the price of these Sc. Ordinary shares was a shade easier after the announcement can in all probability be attributed to a little disappointment with the size of the increase in the dividend; one had heard a larger percentage mentioned as being likely.
Taking into consideration the recently• paid 6d. per share tax-free capital distribution the company's performance during last year should, however, prove to have been satisfactory to shareholders. Since these shares came to the Stock Exchange they have not attracted the degree of interest that was thought likely, nor indeed that they deserve. At around their present price of its. 3d. the yield is a useful 6% based on the latest dividend, a dividend covered about 21 times by earnings.
The road transport group R. HANSON AND SON LTD. forms part of the highly diversified and wellmanaged Thomas Tilling empire. In his latest annual review Tilling chairman, Sir Geoffrey Eley, commenting upon Hansom, states that the distribution of fuel oil and lubricants in a large area including the West Riding of Yorkshire and Lincolnshire, an activity "complementary to the already important operation of distributing coal was expanded during the year and the acquisition of two small businesses added to the growing fleet of vehicles. Sir Geoffrey adds that although competition was severe, particularly from the railways, profits once more reached a new high level.
The 5s. Ordinary shares of WILKINSON'S TRANSPORT (quoted on the Manchester Stock Exchange) have been a firmer market recently. The buying, it is believed, has been in anticipation of the results for the year ended March 31 last, due to be announced towards the end of May.
Reporting to shareholders last July, the chairman— Mr. E. Wilkinson—stated that the board was fully alive to the great opportunities which existed for the expansion of the business. The directors, he added, were constantly examining new possibilities. Last November the interim dividend was 71% payable on a larger capital.
This is an extremely well-managed, go-ahead company and I expect to see a set of results showing further progress during the 1964-5 trading period. These shares are regarded highly in the Manchester area, and although the market in them is not a broad one, they look well worth picking up on any becoming available. They are currently priced around 17s.
Martin Younger