MILBURN LIME YEAR

Press, Volume XCVIII, Issue 29008, 24 September 1959, Page 19

MILBURN LIME YEAR

High er Dividend Well Covered

Mainly because of lower depreciation. consolidated net profit of the Milburn Lime and Cement Company, Ltd., rose £27,183 to a new peak of £138.366 in the year ended July 31. Provision for depreciation fell £39.508 to £92,336 “due mainly to the falling off of special depreciation claims on the new plant and buildings erected several years ago,” directors state. Taxation provision was £14,551 higher at £132,910. Gross profit from manufacturing was £3278 lower at £395.273 but investment income and rents rose £B3OO to £13,025. Expenses were £2546 higher at £42.836. Dividend has been raised from 7} per cent, to B:,* per cent, (including a bonus of 1J per cent.) as already announced. This takes £56.875 and general reserve receives £70,000 (up £20.000). Appropriations total £126.875. which falls short of profit by £11.491, and carry-forward is increased to £67,035.

Capital and Reserves

Paid capital is steady at £650,000 in ordinary shares. General reserve, with this year’s transfer, totals £222.000 and shareholders’ funds are £81,491 higher at £1,016,035. Fixed assets are £61,966 lower at £552,549. Shares in other companies are steady at £37,830. Current liabilities rose £19,252 to £237,226. Sundry creditors, including tax, are £11,127 higher at £196,601.

Current assets almost doubled, rising from £342.323 to £662,882. The main changes under this heading are in cash and credit balances (up £124,148 at £281,998) and short-term investments (up £83.034 at £89,317). Sundrv debtors fell £24.760 to £202,708 and stocks fell £19,713 to £88,859.