Buntings Profit At Record Level

Press, Volume CII, Issue 30153, 10 June 1963, Page 16

Buntings Profit At Record Level

Bunting and Company Ltd., Christchurch brushware manufacturer and rubberised hair upholsterers’ supplier, lifted consolidated net profit to a record £59,766 —a rise of £14,932 or 33 per cent.—in the year to February 28. The year before profit advanced only 0.6 per pent, to £44,834.

The latest result is reached after providing £58,023 for tax (against £45,305 the year before) and £5516 more for depreciation at £21,117. Earning rate on higher average shareholders’ funds rose from 9.2 per cent, to 10.7 per cent

Total dividend of 10 per cent, for the year requires £30,000. Last year total dividend was per cent, and required £23,648. An over-provision for taxation in 1962 of £3202 is shown in the accounts. There is a transfer of £20.653 (£ 14,500) to general reserve. Carry-forward is £ 13,406 higher at £49.663. Gross profit rose from £279,132 to £307.774. but expenses were £1894 lower at £160.378. Shareholders’ funds rose £37.796 .to £575,317. Paid capital is steady at £300,000. while the capital reserve account is £28,738 higher at £30,654.

Fixed assets, less mortgage, are £33.760 higher at £228,126. Investments are up £1375 at £8375. Current Assets

Current assets are £530.323 against £531,769 last year.

Most of the £1446 drop is in stocks at cost or valuation. Current liabilities are down £4107 at £191,507. although bank overdraft is £4973 higher at £50.578. Capital commitments are £31.399 down at £6500. The directors, in their report, say the trading year has been a difficult one, and the results reflect great credit on the organisation and are most gratifying to the directors.

Sales showed a satisfactory increase over last year, and because expenses were tightly held, and in many cases reduced, the net profit is an all time record, they add.

Fea Concrete To Split Shares (N.Z. Press Association} GORE, June 7. The directors of Fea Concrete Industries. Ltd., announce that they propose to recommend to shareholders at the forthcoming annual meeting the payment of a dividend of 6 per cent, for the year ended March 31.

It is also their intention to recommend to shareholders that each 20s share be split into two 10s shares. Subsequently, application will also be made for official listing of the 10s shares on the Stock Exchange.