A., T. BURT YEAR

Press, Volume CII, Issue 30192, 25 July 1963, Page 18

A., T. BURT YEAR

Profit Down 13 per cent A. and T. Burt, Ltd., Dunedin-based plumbers* merchants and builders’ suppliers, made a lower profit in the year ended April 30. The tax-paid profit fell £13,091 or 8.3 per cent, to £136,045. This result was reached after provisions of £28,972 (up £1955) for depreciation and £137,376 (down £10,649) for taxation. This year’s tax is after £234 over-provided last year.

As announced earlier, the ordinary dividend is 5} per cent, and the preference dividend 6 per cent. The total dividend requirement is £58,000, compared with £48,250 last year, The earning rate on ordinary capital is 13.30 per cent, and on shareholders’ funds 6.77 per cent. Transfer to general reserve is £lO.OOO higher at £75,000 and the carry-forward is £3045 higher at £275.689, Trading Profit Steady Gross trading profit was steady at £823,127 and expenses rose £30,684 to £477,843, “Considering that sales were not as buoyant in the plumbing merchandising section of the business, with a total overall drop in turnover of nearly 5 per cent, the result is satisfactory,” directors say. The immediate prospects seem to be for a year somewhat similar to the last one. The main changes in the balance sheet result from the fourfold increase in ordinary capital, from £250,000 to £1.000.000. Of the increase, £500,000 came from general reserve and £250.000 from capital appreciation reserve. Preference capital is steady at £ 50,000. Shareholders’ funds are £78,045 higher at £2.009,410. Current liabilities rose £231,290 at £953.844; overdraft is up from £332.447 to £525,822. Mortgage debt rose from £171,625 to £264,046 and provisions from £38,373 to £39,344. Current assets are £165,438 higher at £2,123.763 and fixed assets are £52,644 higher at £958,236. Shares in the company’s new subsidiary, Vale and Company, are shown at cost, £184,645.