TEKAU PROFIT DOWN

Press, Volume XCIX, Issue 29273, 3 August 1960, Page 17

TEKAU PROFIT DOWN

Drop Of £3712 In Year Net profit of Tekau Knitwear and its subsidiaries for the year to May 19 was £31,500 against £35,562 last year—a drop of £3712, or 11.7 per cent This was reached after £15,268 depreciation (up £975) and £32,264 taxation (down £1336). The parent company’s tax-paid profit feD £2612 to £29,680 and dividends from Rutherfords, Ltd., were £950 lower at £2250. Ordinary dividend is maintained at 9 per cent, on capital raised to £300,000 by last, year's one-for-three issue. This requires £24,000 (up £5375) and the 5 per cent, preference dividend takes £2500. General reserve receives £5OOO (down £5000). Appropriations total £31,500, falling short of the dividend by £430. Consolidated earnings for the year were £64,114 compared with £69,162 last year. Surplus from manufacturing accounts was £17,886 down at £122,981. An overdraft of £97,922 has been replaced by a credit bank balance of £26,178. Other current assets take In £128,043 owed by customers (down £78,619), £216,412 in stocks (£55,384 higher) and £1982 advance payment for yarn, against £152 last year.

Current liabilities take in £26,473 owing to suppliers (against £31,114 last year) while net amount owing on machinery purchased under agreement is £1429 higher at £10,452.

Total current liabilities are £99,065 down at £85,589, while total current assets are £4773 higher at £372,615. Paid capital is £350,000 and shareholders’ funds rose £99,101 to £443,176.