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MONEY MATTERS
Page 120
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Duple Motors' Confidence
T'HE latest annual report by the chairman of DUPLE MOTOR BODIES should help keep out a good deal of the prevailing icy conditions for shareholders. He looks with confidence to the future. Indeed, he views the outlook as an "expanding and promising one" although he warns there will be a full measure of difficulties to overcome.
He warns also that costs are increasing, which in turn keeps profit margins at a fine level. Nevertheless, provided there can be an improvement in the deliveries of chassis the board feels there is a good prospect of at least maintaining last year's rate of both turnover and profit this year, with progress in developments designed to bring further expansion in the future. No doubt there will be difficulties, but to face them squarely and confidently in this manner goes a long way to solving them.
Rising costs are a problem for KENNINGS. In his latest annual review the chairman—Mr. George Kenning —points out that during the year that ended on June 30 last the board had to face this very problem, particularly in the second half.
"Fortunately ", he adds, "increased trading enabled us to produce satisfactory figures." He goes on to say that "credit restrictions had their effect in the September quarter, while at the same time we have been short of certain vehicles, and parts supplies have been difficult ".
Consequently the group's profits from its motor trading activities for the period are down. But Mr. Kenning is able to tell shareholders that currently "there are signs of improvement ", but feels it unwise to make forecasts at this stage. "The half year's figures will probably show some decrease compared with the same period last year ", but he adds that it would be wrong at this stage to be too pessimistic about the whole year's trading.
In my opinion these 5s. Ordinary shares are worth holding on to at around their present price of 13s. 100, to yield 41% based on the latest dividend of 13%.
Group profit of WILLIAMS HUDSON for the six months ended on September 30 last amounted to £192,000, compared with £268 000 for the same period the year before. The interim dividend is being maintained at 6% and the directors anticipate an unchanged final of 81%, despite the prospect of lower profits.
Martin Younger