WORMALD BROS.

Press, Volume C, Issue 29604, 29 August 1961, Page 19

WORMALD BROS.

Record Profit Last Year

(N.Z. Press Association) AUCKLAND, Aug. 27. Consolidated net profit of Wonmald Brothers Industries (N.Z.), Ltd, Auckland, fire protection engineers, rose by £5450, or 17.2 per cent, to a record £37.091 in the year ended June 30. In 1960 the profit rose £4687. Shareholders' funds were lifted from £249,969 to £338,669 during the year, the increase being mainly due to a rise in paid ordinary capital from £llO,OOO to £185,470. This was brought about by the issue of 60.000 £1 ordinary shares to the parent company, Wormaid Brothers Industries, Ltd. In addition, the ordinary capital of the Vigilant Automatic Fire Alarm Company, Ltd, Christchurch. was taken over by an exchange of shares. The takeover involved the issue to Vigilant shareholders of 15.470 ordinary Wormaid Brothers’ shares. The company further proposes to subdivide the ordinary shares into 10s units and raise nominal capital to 600,000 ordinary 10s shares and 150,000 £1 preference shares. It will then offer 40.000 new ordinary shares for subscription at a premium yet to be announced and 35,000 preference shares at par. These will be offered later this year. Dividend Steady The ordinary dividend has been maintained at 10 per cent, on the higher capital, while the 5 per cent, preference shares again participate to 2i per cent, giving a total preference payment of 7J per cent. 'The total dividend appropriation is lifted from £15,870 to £21,125. A general reserve of £25,000 has been created by the transfer of that sum from the appropriation account. The chairman, Mr G. Gordon Russell, states in his report that there is a substantial earry-Jorward of orders in all sections of the company’s business.