.--- MONEY MATTERS "1 Dovvty s exports rise I WHOEVER may
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get a Government scolding about its exports it I will not be Dowty Group. In his latest annual review the I chairman, Sir George Dovvty, reports that exports during the year that ended on March 31 jumped by 25 per cent and constituted a II record for the group. Sales overseas, Sir George adds. were I one-sixth of the total turnover. Sir George is quietly optimistic about the future. Following I actions taken to strengthen the economy he believes there is I "every reason to expect a return to our former. level of profitability during the current year". After dipping to a new 1966 "low" of I 14s. 3d. these 10s. Ordinary shares have enjoyed a small rally to I around 14s, 6d. At this price they yield 6T, per cent based on the • latest 9 per cent dividend.
Automobile distributors H. A. Saunders reported that pre-tax • profits for the year that ended on March 31 slumped to £258,749 from £381,264 the previous year. As a result the directors recommend a final dividend of 5 per cent, which cuts the total for the • year to 10 per cent from the 12per cent paid in respect of the 1 1964/65 trading period. At their present price of 2s. 41d. these I 2s. Ordinary shares return an attractive-looking 81 per cent based on the latest distribution.
The £1 Ordinary shares of Turner and Newell are currently I hovering around their ' low" point for the year of 31s. 3d. They 'have been up at 40s. With markets in their present state this may I not yet be their base-point. But I am not alone in "taking a look" I at them on the basis that they could well be among the early risers • 1 when markets do eventually regain their poise. The results for the I year that will end on September 30 are expected to be announced towards the end of the year. In his review of the 1964/65 trading period the chairman, I Mr. R. G. Soothill, commented that "at the moment, a cautious • view is essential". He warned that profit • margins were under 1 pressure, and it must be assumed, one feels, that this situation I has persisted. But there are bright spots in the T. and N. firmament. • For example, any cut-back there may have been in home sales is buttressed to some extent by the fact that almost 20 per cent of I turnover is by products made overseas.
Martin Younger ,