C.O.P. YEAR

Press, Volume C, Issue 29480, 5 April 1961, Page 19

C.O.P. YEAR

Profit Up 9.4 Per Cent. Consolidated profit of Cash Order Purchases, Ltd, Christchurch, rose £583, or 9.4 per cent, to £6761 in the year ended January 31. This result was reached after provision of £4661 (up £358) for taxation and £3BO (down £B5) for depreciation. Of this year’s profit, £147 (£l2l last year) is applicable to minority shareholders, £7O (£1622) represented profits earned by subsidiaries before acquisition and £6544 (£4435) is transferred to the appropriation account. Recommended final dividend, as announced earlier, is 5 per cent, making 10 per cent unchanged for the year. This requires £4OOO and carry-forward is raised to £14,116. Listing Sought A further application has been made to the stock exchange for listing of the company’s shares. During the year the company purchased four existing companies—Cash Orders (Wellington), Terms Trave! (5.1.) and Central Finance Company (Christchurch), and Private Trusts (Auckland). ‘‘The question of future growth is one entirely dependent upon the availability of additional working capital, as no attempt has been made to expand the Wellington venture and we are unable to accept all the business which is offering to the group,” directors report. The recent restriction on interest rates for deposits had made it more difficult to procure capital from this source. Group Assets Rise Sundry debtors in the consolidated balance sheet rose from £218.227 to £246.888 and cash on hand from £725 to £922. Fixed assets were written down from £l9lO to £l6lB. The premium paid on the acquisition of shares in subsidiaries is £12,268 and assets in Cash Orders total £14,011. Overdrafts, credits and deposits rose from £47,202 to £63,790. Secured liabilities are £54,523 (£40,705), term liabilities are £42,859 (£40,938) and total external liabilities are £174,289 (£144,680). Advances from Cash Orders are £7768 (nil) and reserve for unearned income is £34,129 (£29.826). Paid capital is steady at £40,000 and other reserves and appropriation account total £19,521 (£16.954).