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MONEY MATTERS
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More Progresi ade in 1963
M/TORE evidence has come to hand that 1963 was a 1V1 year of progress not only for commercial vehicle manufacturers, but also for many operators. This comes in the form of more welcome announcements of results.
Group profit of UNITED TRANSPORT COMPANY last year jumped to £2,493,042 from £2,182,437 the previous year. Out of these higher earnings shareholders are to receive direct benefit by way of a final dividend of 9%. This makes the year's total 15% or 21% more than was naid in respect of 1962. The capital distribution amounting to 21%, tax free, is repeated. In addition the directors propose to make a scrip issue on the basis of one-for-four. It looks as though all divisions in the groan prospered last year. The chairman's comments about the outlook are awaited with keen interest. Meanwhile, these seem to be set fair; for example, the current year's accounts should benefit by the inclusion of profits from Wynns and Sunter Brothers. The group has a strong cash position.
There was good news too for the shareholders of PROVINCIAL TRACTION. Last December the directors stated that profits for 1963, they estimated, were higher than those for the previous year; they viewed the outlook with "every confidence ". It is now announced that profits last year were in fact £59,991 net compared with £36,704 net for 1962. The proposed final dividend of 9% makes the year's total 121% or 5% more than was paid the previous year. The fact that this group has still to make satisfactory arrangements to cover the long-term financial requirements is, the market believes, the reason why the price of these 4s. Ordinary shares is no higher than about 9s. 6d.
The results for the year to March 31 last announced by WILLIAMS HUDSON were disappointing. Group pre-tax profit declined to £657,664 from 1759,933 the previous year, but a reduced tax charge enabled the net profit to improve to £395,088 from 1370,503. The proposed final dividend is, as forecast, 84%, payable on a capital doubled by a rights issue at par. With the 8% interim dividend already paid this makes a total for the year of 161% (the interim was paid on the smaller capital) compared with 20% paid in respect of the previous trading year.
OSWALD TILLOTSONS shares were marked up sharply by 1s. 6d. to 5s. 101d, on the news of the bid of 6s. per share made by Wiles Group. Subject to the offer for Tillotsons being accepted Wiles Group have agreed to purchase the capital of Commercial Motors (Hull) for a consideration of 500,000 Wiles "B" Ordinary shares of 5s. each, not to rank for dividend before July I, 1964.