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MONEY MATTERS Wadham's Good half-year
Page 95
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TRADING conditions for WADHAM (HOLDINGS) 1 during the January-April period this year were buoyant. Indeed the directors report that had they been able to obtain supplies, sales of vehicles could have been much higher than in fact they were. From this satisfactory level of trading, group pre-tax profits for the six months shows the full effect of the strikes at BMC. And This compared with /251,000 during the same period a year ago.
The interim statement warns, however, that while business during the May-July period was a shade better than last year the trade done during the subsequent two months shows the full effect of the strikes at BMC. And with the Government's squeeze measures now beginning to bite, it is stated that the profits of the year's secondhalf may well reflect these special influences. Nevertheless, the interim dividend is maintained (effectively) at 4%.
At around their present price of 9s. 74d. these 5s. Ordinary shares yield a useful 7% based on the latest full year's dividend of 14%. As this dividend was covered twice by earnings I feel it looks safe enough despite the trading difficulties.
Group pre-tax profits of OLIVER RIX for the six months that ended on June 30 last fell to £70,346 from 182,187 during the same period a year ago. This setback, foreshadowed by the chairman—Mr. J. F. Nash— earlier this year, was the result of lower profits being earned by the agricultural division. Nevertheless, the interim dividend is maintained at 5% and the previous forecast of a 171% total for the year still stands.
Because the Peppers Motor Group was acquired as recently as May last, no contribution from this subsidiary has been included in the group profits now announced. The chairman reports, however, that the profits of the Pepper group are running slightly higher than those for the same period of 1964.
The interim statement contains the encouraging news that the directors are satisfied that the full year's results of Rix will show continued progress. These Is. Ordinary shares are currently priced at around 2s. 3d., at which level they return 7;1% based on the latest forecast dividend of 174%. In my opinion they should be retained; they look to be a sound holding.
Martin Younger