Company News N. CROPPER ACCOUNTS

Press, Volume CI, Issue 29878, 19 July 1962, Page 17

Company News N. CROPPER ACCOUNTS

Hint Of More Acquisitions

(N.Z. Press Association)

AUCKLAND, July 18. A hint of further acquisitions by Neill, Cropper Hidings, Ltd., Auckland, which recently announced the purchase of five companies and an increase in its shareholding in a sixth, is contained in the report of the directors accompanying the consolidated accounts for the year ended March 31. The purchases, which entailed the issue of 206.333 ordinary 10s shares, were made since the balance date. The directors say it is “probable that further shares will be issued for the same purpose in the near future.” They add that there are no immediate plans for capital expansion beyond these issues, but that tp provide a margin of unissued capital at all times it is proposed to increase nominal ordinary capital from £625.000 to £1

million in two million 10s shares. The accounts confirm consolidated net profit for the year to March 31, previously given in a preliminary report, as £61,696. H. and J. Interest

This compares with the adjusted figure of £60,945 shown in the prospectus as the group net profit for 196061. This did not include any result from Harnish and Jordan, Ltd., in which Neill. Cropper has a 51 per cent, interest.

The figure for the previous year given in the consolidated profit and loss account is £64,297. Harnish and Jordan figures have been included in the accounts to the extent of the Neill, Cropper interest.

The latest result was arrived at after deducting minority shareholders’ interests of £10.152. Taxation took £74.366 (£65.068 last year), and depreciation £22.518 (£3410), As announced, a final dividend at the rate of 7 per cent, a year has been recommended on capital after the issue. It will absorb £9917. Before the issue ordinary dividends on the old capital had taken £15,245, and payments on the preference shares (since converted) £6038. The sum of £220,000 was appropriated for the bnous issue to shareholders before the public issue and £4197 was written off in costs of the public issue. The carryforward is £85.233. compared with £274.899 brought in. Capital £425,600

Paid capital rose after th< public issue from £53,806 in ordinary shares, and £48.306 in preference shares to £425,000, all in 10s ordinary shares. The consolidated balancesheet shows that on March 31 shareholders’ funds amoun’ to £538.315. including general reserves of £13,082, and a share premium reserve of £15.000. There was a mortgage of £129,106.