M.C.P. PROFIT RISES

Press, Volume XCVIII, Issue 28938, 4 July 1959, Page 16

M.C.P. PROFIT RISES

£12,264 Earned Last Year

Net profit of M.C.P., Ltd. (formerly Mackintosh Caley Phoenix, Ltd.) showed a further recovery in the year, ended March 31. It increased by £4099, or just over 50 per cent, to £12,264. This result was reached after provision of £2978 more for tax at £10,862 and £3235 less for depreciation at £20,382. Surplus tax over-provided in the previous year, amounting to £BB. and £6OO from provision for loss on subsidiaries have been brought into the accounts, increasing. the amount available for distribution.

As reported earlier, dividend has been raised from 3 per cent, to 4J per cent, and requires £11,250. The net profit exceeds the dividend requirement by £1702, after adding surplus tax and the transfer from loss provision, and the carry-forward is increased to £21,305.

Gross profit showed an increase of £12.365 to £213.698, while other income was £473 higher at £2391. Expenses rose by £9050 to £172,581 during the vt«r. Shareholders funds were £1702 higher at £425,322. Current assets amounted to £296.328, against £346,190 last year while current liabilities at £115.016 compare with £190,405 in the previous 12 months. In their report the directors state that although the year was not without difficulties, the trading results and the general position of the company had improved. The biscuit side of the company was still difficult. but as a result of improvements in manufacture not altogether unsatisfactory.