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Dunlop's encouraging outlook
Page 117
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THOSE shareholders of DUNLOP RUBBER CO. who were fortunate enough to be at the annual meeting would surely feel their journey to have been worthwhile if only on account of the chairman's comments about the outlook. Sir Edward Beharrell said the directors would be disappointed indeed if the pre-tax profit for the current trading year did not reach that achieved in 1965. "Our forecasts indicate some increase", he stated, "and so far this year both our turnover and profit are at a higher level than in the first four months of last year."
But Sir Edward found it necessary (wisely so, of course) to warn of the uncertainties, national and international, that have to be faced. His warnings extended to the problem of rising costs and stated that much would depend, profitwise, on the measure of success in controlling them and how they could be offset by certain measures.
In a reference to the board's plans to spend £65m. on capital expenditure account during the next three years, and the aim to increase turnover during that period by more than one quarter, Sir Edward stated : "Total financial requirements will thus be
substantial, but following the pattern of recent years a large proportion will be provided by our cash flow-.
The group's bankers meanwhile are co-operating to the full, he added, until such time as a financing operation was deemed appropriate. At around their present price of 31s. 6d.—their peak this year—these 10s. Ordinary shares yield 5% based on the latest distribution. I regard them as a first-class investment for the more patient among us.
So as to bring the issued capital more into line with the real capital employed in the business, BET OMNIBUS SERVICES have converted, in respect of two subsidiaries, sums attributable to their equity holders into permanent capital. As a result the company's nominal holdings in these two companies have increased substantially. The amounts at which these investments previously stood have been increased by £286,861, which has been credited to capital reserve.
Martin Younger