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MONEY MATTERS
Page 114
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VJEHICLE and car distributors W. WATSON AND V CO. (LIVERPOOL) encountered a setback during the year that ended on October 31 last. Net profit declined to £74,314 from £90,601 the previous year. Nevertheless, the directors recommend a final dividend or 8%. This makes the year's total 13%, or 1% more than the equivalent total (including bonus) paid during the trading year 1962-63. This
• decision is interpreted in the market as indicating boardroom confidence in the outlook, a point unon which the chairman's annual review is being awaited with keen interest. The directors of LEP GROUP announce that they expect to see the final results for 1964 "show a modest increase on the record figures of 1963"; that is, a new record. Meantime they have declared an interim dividend of 5%. The same rate was paid a year ago.
"Thai section should work to canacity for the rest of the year." This comment about the commercial vehicle division was made by chairman Sir William Black at the annual meeting of LEYLAND MOTOR CORPORATION. "We hope to increase group sales by about L30m. in the current year", Sir William added, M which we should like to see some £20m. for export." He commented that he would be disappointed if further satisfactory progress could not be reported a year hence, but he warned, wisely, that the group could not expect to maintain its progress at the same " dizzy " pace of the past few years.
Hard on the heels of the satisfactory set of results announced by ROBERT B. MASSEY comes the chairman's equally satisfactory annual review. After mentioning that group turnover in 1964 increased by 18.8% compared with 1963, Mr. Robert B. Massey (chairman) states: "We are also engaged in discussions with the object of profitably widening the scope of your company's activities."
Earlier in his report Mr. Massey states that the coach. building and plastics division was fully occupied and reached a record output during 1964. Considerable interest is being shown in the new all-plastics refrigerated container for both medium and heavy commercial vehicle use. He believes that in this resoect the company is among "the leaders in this field ". A large number of orders have already been placed. Mr. Massey is confident about the future, and provided that the national economic position is stabilized at an early date "the current year should nrove as profitable as 1964 and the dividend of 121% now nroposed maintained ", At their current price of around 12s. 9d. these 5s. Ordinary shares yield a fraction under 5% and are an nttraeive holding.
Martin Younger