Company News SOUTHLAND MEAT

Press, Volume XCVII, Issue 28514, 18 February 1958, Page 17

Company News SOUTHLAND MEAT

Record Profit In Ten Months

For the first time in its history, the Southland Frozen Meat and Produce Export Company, Ltd., made a net profit of more than £200,000 last year. The actual figure was £200,744, an increase of £24,146 on the previous iyear’s record result.

The latest profit was earned in 10 months, because of a change of balance date from December 31 to October 31. The change was desirable, directors state, “because a better yearly comparison is obtained if the annual balance falls during the off season. The killing season now starts early in December, making December 31 an unsuitable date.”

Depreciation rose £10,258 to £119,892 and taxation provision is unstated. Trading profit was £3BO lower at £428,775 but investment income rose from £5341 to £23,116. General charges fell £16,583 to £129,171. Unchanged Appropriations

Reserves take an unchanged £lOO,OOO. Directors recommend a final dividend of 2s (making 2s 9d, or 13? per cent., unchanged). Appropriations total £193,713, which falls short of profit by £7031. Carry-forward is increased by this amount to £76,823. Shareholders* funds rose £107,031 to £1,358,377 (including £681,554 in capital). Trade creditors, provision for taxation, and sundry credit balances rose ■ £88,405 to £1,406,251. Fixed assets are £147,608 higher at £1,197,458 (after depreciation), and investments rose' £39,198 to £397,055. Stocks fell £77.570 to £-1,059,656, and debtors fell £87,471 to £118,912. Cash items, totalling £59,702, show an increase of £53,485. Directors warn that the change in balance date “should be borne in mind when making statistical comparisons.” New articles of association will be submitted to an extraordinary meeting to be held after the annual meeting on March 12. The new articles adopt "so far as is advisable” the articles of association contained in table A of the 1955 Companies Act. Among the proposed new articles is one authorising the directors to refuse to register a transfer of shares without assigning any reason for tneir refusal, and another limiting to 700 the number of votes exercised by any shareholder.