WILKINS AND DAVIES PROFIT DOWN 6.8 p.c.

Press, Volume CII, Issue 30215, 21 August 1963, Page 19

WILKINS AND DAVIES PROFIT DOWN 6.8 p.c.

The first consolidated accounts oi Wilkins and Davies Construction ' Company, Ltri., Lower Hutt, show a net profit of £55,670 in the year ended March 31, 1963. This result was reached after provision of £74,340 for depreciation and £42,550 for taxation.

Recommended final! dividend's. as announced earlier, are 4?i p.c. on the participating preference shares ‘making 74 p.c., unchanged, for the year) and 5 p.c. ordinary (making 8 p.c., unchanged). New capital issued before balance date did not quality for these dividends and dividend requirements are steady at £3750 preference and £16,000 ordinary. The latest result represents an earning rate of 16.0 p.c. on the increased ordinary capital and is equal to 10.71 p.c. of consolidated shareholders’ funds.

The consol'idated profit includes the joint venture profit ot the company's Australian subsidiary, which was engaged with the Royal Netherlands Harbour Works Co., of Amsterdam, in two contracts in South Australia. The parent company accounts show net profit of £50,151, a decline of £3679 or 6.8 p.c., reached after provision of £73,954 (up £6820) for depreciation and £39,647 (down £19,124) for taxation. Dividends require £ 19,750 and £20.000, compared with £30,000 is transferred to general reserve. Carry-forward is raised from £24,393 to £34,467. Share Issues The balance sheet of the parent company shows paid capital up from £250.000 to £424.000, of which £lOO,OOO is 5| p.c. cumulative preference shares. In February and March this year 50,000 preference Shares and 100,000 ordinary shares were issued at par to existing shareholders and 24.000 ordinary shares were issued to Munt Cottrell and Company, Ltd., as part payment for plant and equipment. Shareholders’ funds rose £204,074 to £518,467 in the parent company’s accounts, compared with £519,8J4 in the consolidated accounts. Fixed term liabilities are £1926 higher at £81,983.

Current liabilities of the parent company have been reduced by £6082 to £719,200 and current assets are £185,180 higher at £787,005. Investments rose £4789 to £68,630 and fixed assets are £9949 higher at £464,015.