Company News WHITCOMBE’S YEAR

Press, Volume C, Issue 29680, 25 November 1961, Page 17

Company News WHITCOMBE’S YEAR

Recovery In Profit

Whaicombe and Tombs, Ltd., Christchurch publisher and bookseller, lifted consolidated net profit by 20.8 per cent, to £135,151 in the year 1961. The year before group profit dropped £54,266 to £111,933. The latest result is reached after providing £7856 more for depreciation at £ 116.376 and £149.553 for taxation (£113.249 last year). Minority shareholders’ Interest is £721. against £668 last year, profits retained in the accounts of subsidiary companies are £4692 down at £lOOB. This leaves a parent company profit of £133.422 —26.4 per cent, higher than last year’s £105.565. Recommended final dividend is 9 per cent. This together with the interim dividend of 3J per cent, makes a steady 12J per cent, for the year. Dividend requirement is unchanged at £62,500. Transfer to revenue reserves is up from £42.500 last year to £64,525. Carry forward in the consolidated accounts is £7167 higher at £127,317. During 1961 the values of fixed assets and capital reserves have been increased by £288,247, the amount required to write land owned by the company up to Government valuation. A note to the accounts points out that negotiations with the Inland Revenue Department have been concluded and taxation amounting to £86.212 has been paid and charged against other revenue reserves. Trading surplus is £77,229 higher at £448,922. Investment income is down from £5072 last year to £4591. Paid capital is unchanged at £500,000 in 10s ordinary shares. Reserves fell from £1.089.783 o £1,077,737, while shareholders’ funds are £307.957 higher at £2,011,281. The interest of minority shareholders is £4319 against £3729 last year. Long term liabilities are £658.288 (£305,663 last year). Current liabilities and provisions are £1,164,823 (£1,066574). Bank overdrafts are £474,029 (£400.787), sundry creditors are £471,760 (£360,153). while provision for the staff benefit fund is steady at £22,300. Among current assets stocks are £1.165,058 (£910,370) and total current assets are £308.685 higher at £1,631,632 Fixed assets are £2,093,664 (£1,674,619), investments are down from £52.197 to £47,749. white advances are down from £29527 to £27,430.