BUNTINGS RECORD YEAR

Press, Volume XCIX, Issue 29237, 22 June 1960, Page 19

BUNTINGS RECORD YEAR

Profit Rises To

£28,623

Net consolidated profit of Bunting and Company, Ltd., Christchurch brush manufacturers, rose £2769 to a record £28.623 in the year ended February 29. Last year profit fell £1471.

The latest result is reached after provision of £9250 (up £113) for depreciation. and £30.720 (up £1651) for taxation. The company recently announced plans for a bonus issue of one share for four held.

Dividend, steady at 8 per cent.. requires £14.700. Allocation to reserves is £11.500 (down £1500). Appropriations total £26.200. With £BOO (up £325) for dividends, the amount available exceeds these appropriations by £3223 and carry-forward is raised to £23.066. Gross profit from manufacturing rose £18.778 to £210,985, and general expenses were £10,418 higher at £134,852. Directors are “concentrating on steps to increase production in all departments to meet the greatly expanding market for brushware in New Zealand.” They describe the outlook as most satisfactory. Capital, all in ordinary shares, is £200.000. Reserves, after this year's transfer, stand at £198.009, and shareholders’ funds have risen to £407.044. Fixed assets, net of mortgage, rose £13,544 to £163,228. Current liabilities are £32.756 higher at £190.341. Current assets rose £52,900 to £425,802.