Company News RECOVERY BY REATH’S

Press, Volume XCIX, Issue 29339, 19 October 1960, Page 20

Company News RECOVERY BY REATH’S

Profit Up 62 Per Cent. Net consolidated profit of Beath and Company, Christchurch, drapers and furnishers, recovered to £18.356 in the year ended July 19, 1960. This is a rise of £6248. or 61.8 per cent. The previous year profit fell £7171. The latest result is reached after provision of £16.521 (down £3398) for depreciation, and £16,734 (up £7089) for taxation. It represents an earning rate of 4.1 cent, on average shareholderT funds, rampared with 2.6 per cent, lust yfeir. Consolidated accounts are presented ihis year for the first time, presumably as a result of the purchase of the business of Herberts, L.td„ Timaru. Auditors of the subsidiary company state that certain matters in connexion with the accounts of the subsidiary have yet to be resolved, and will be subject to a further report. During the year the Greymouth branch was closed. A loss of £2600 was incurred in the liquidation of stocks at this branch and the property has not yet been sold.

Gross profit from trading rose £29,101 to £303.350. Dividend income rose £63 to £505. Salaries and administration charges were £19,164 higher at £247,907. Ordinary dividend, as announced earlier, was raised to 11% per cent, by the inclusion of a 1% per cent, centennial bonus. Total dividend requirement is £13,376, which includes £5OO preference dividend. Net profit exceeds this by £2980 and carry-forward is raised to 53.218. Balance Sheet Paid capital is unchanged at £121.963. of which £lO,OOO is in preference shares. Calls paid in advance have risen from £68,057 to £68,498 Shareholders’ funds are £3421 higher at £393,799. Current assets are £49.830 highr at £458,089, stocks having risen from £301.042 to £327,765. Bank overdraft is up from £171,207 to £203,375 and total current liabilities are £59,877. In the parent company’s accounts shares in the subsidiary company are shown at £26.095 and amounts owing to the subsidiary company are £21.962.

Goodwill arising on consolidation totalled £4133. Investments are £5284 higher at £14,029. Fixed assets rose £27,055 to £350,722, and mortgage debt rose £13,587 to £118.066.

The book value of land and buildings is £275,281, compared with Government valuations totalling £562.695. The estimated amount of the company’s commitment for capital expenditure not provided for is £25,466, compared with £1656 last year.

FOY AND GIBSON RECORD YEAR (N.Z. Press Association—Copyright) MELBOURNE, October 18. Consolidated assets of Foy and Gibson, Ltd., main subsidiary of Cox Brothers (Australia), Ltd., rose in the year to July 31, 1960, from £7,134,702 to £9,460,553. Profit was a record at £394,110, comparing with £269.804 in 195859. Sales increased by 15.7 per cent, on the previous year. During the year the company purchased all issued capital of Myer’s (Bendigo), Pty., Ltd., Bowrings (Australia), Ltd., Mildura. and Partons Pty., Ltd., Bandenong. Since the close of the year the company has bought the issued capital of Morshead's Pty., Ltd., Ballarat. Dividends for the year are £5OOO higher at £339,939. lilt. Ekco Issue.—Ultimate Ekco register of members closes on October 27 and 28, to determine entitlement on new issue.—(P.A.) Riley Dodds.—Riley Dodds Holdings, Ltd., steam generator manufacturers, earned a net profit ol £100,480 in the year ended June 30 compared with £160,646 in 1958-58. As announced earlier, dividend is 20 per cent, for the year, on capital increased by the recent bonus issue. Executors Interim.— The Trustees Executors and Agency Company of New Zealand has announced an interim dividend of 3 per cent, on increased capital payable on November 1 on all applicable shares held on October 25.—(P.A.)