Company New NORVIC SHOES YEAR

Press, Volume XCIX, Issue 29178, 12 April 1960, Page 23

Company New NORVIC SHOES YEAR

Profit Steady, Dividend Up Net consolidated profit of Norvic Shoes (N.Z.), Ltd, and its subsidiary, Norvic Footwear, Ltd, was almost steady at £9383 in the year ended January 19, 1960. Gross profit from trading and other ipcome fell £967 to £52.810. “Prices of most of the leathers we used increased sharply, resulting in higher prices for footwear,’’ directors report. “This, together with the reduced buying power of the public due to higher taxation, made trading most competitive." Factory output, and sales of imported infants’ shoes were maintained, but import licences for adult footwear were cut and some sales were lost on this account.

Expenses fell £872 to £27,744, depreciation was £3BO lower at £4310, and taxation rose £322 to £9465. Net profit showed a rise of £2l. Dividend 6 Per Cent.

Dividend has been, raised, as announced earlier, from 5 per cent, to 6 per cent, and, requires £6OOO. This falls short of profit by £3383, and carry -forward is raised to £20,823.

Current liabilities are raised by £1974 to £42,253. As well as higher dividend and tax provisions, trade accounts and accruals are higher, rising £894 to £17,493. Mortgage liability fell £1419 to £27,090. Current assets are £6598 higher at £94,836. Bank credit of £3595 (up £1293), debtors of £36,507 (up £201), and stocks of £49,534 (up £5104) showed increases under this heading. Paid capital Is steady at £lOO,OOO, and shareholders’ funds are £3383 higher at £111,925. Fixed assets fell £2660 to £80,500. Intangible assets are unchanged at £5932.