COMPANY NEWS

Press, Volume LXXXVI, Issue 26211, 7 September 1950, Page 8

COMPANY NEWS

WEEK’S, LIMITED’S RECORD YEAR Records in turnover and trading profit, and a bonus of 2 per cent., are the highlights of the accounts of Weeks, Ltd., for the year ended July 25. It is noted, too, that a decided improvement in efficiency in thef works has more than offset the increasing cost of production. The gross profit for the year was £90,862, an improvement of more than £24,000 over the previous, year. Operating expenses were some £7OOO higher than in the previous year. On the other hand, depreciation shows a decrease of £l3OO as compared with the previous year, with the result that thf net trading profit, before providing for taxes, rose to £40,357. as compared with £22,210 for 1949. The higher trading profit has necessitated an increased provision for taxes, which is shown at £23,750, as compared with £12,620 in the previous year. The accounts disclose a net profit of £16,607—£9590 in 1949—after providing £23,750 for taxation and £8192 for depreciation. The usual dividends of 5 per cent, preference and 8 per cent, ordinary are recommended (finals of 2j per cent, and 4 per cent, respectively), plus a centennial bonus of 2 per cent, on ordinary shares. Total distribution to sharenolders will be £7576, against £6300 in 1949, and transfer of £15,000 to general reserve is recommended, leaving £4835 to be carried forward against £10,774 brought in The directors report that to effect an improvement in the cash position they followed a policy of reducing stocks by some £12,000, but stocks on hand were adequate for current trading needs. A special effort was made during the year to reduce work-in-progress, and this had the two-fold effect of increasing sales and reducing the uncompleted balance at the end of the financial year. As a result of these measures, the bank overdraft shown in last year’s accounts has disappeared and is replaced by a credit balance of £B2OO.

Wright, Stephenson.—Net profit of Wright, Stephenson and Company, Ltd., for the year ended June 30 was £66,327, against £59,371 the previous year. Dividends take £52,849 (£41,579 last year). Transfer to general reserve is £7701 (£15,000), and carry-forward is £51,962, against £46,185 brought in. Preference dividend is 5 per cent, and ordinary dividend is 10 per cent., plus bonus of 2j per cent., against 8 per cent., plus bonus of 2 per cent, last year. The chairman of directors (Mr S. C. Sutherland), in a memorandum to shareholders, states that to effect the merger with Abraham and Williams, Ltd., preference share issue has increased by 67,085 shares, total paid-up capital now being £643,194, against £550,082 last year. From the liquidation of Abraham and Williams a surplus of £60,000 has been added to general reserve with a surplus of £7299 from the liquidation of British Filling Stations, Ltd. General reserve now stands at £525.000. Shareholders’ funds are £173,889 up at £1,207,156. A sum of £10,344 haa been added to deferred maintenance account, which stands at £39,616. Dominion Rubber.—The company’s production for the month of August was 100,0001b.—(P.A.) '