Weeks Field Profit Rises To New Peak

Press, Volume CII, Issue 30231, 9 September 1963, Page 18

Weeks Field Profit Rises To New Peak

Weeks Field, Ltd., Christchurch printers, paper converters and bookbinders, lifted net profit by £7578 to a peak £56.458 in the year to April 30. This year only one balance sheet, instead of two, is presented because the company’s subsidiaries are no longer trading. Comparisons are made with the 1962 consolidated figures Latest result is readied alter providing £6791 more for depreciation at £57231 and £ 14.492 more tor tax at £63.114. The tax provisaon takes in estimated liability connected with plant revision. Directors report that the turnover of the company has shown a satisfactory increase on last year and profits are more than up in proportion. Total turnover was more than £2m.

The section mainly responsible tor the higher sales achieved this by substantially increasing production w’ith existing plant. Another section had experienced intense price competition. Prospects for the current year were good, but exitra costs were expected because of the need to re-allocate productive units in the organisation's factories and the planned move to the new Aranui factory. Arrangements have been made to sell the retail Shops in Christchurch and Dunedin in line with the company’s policy of concentrating on manufacturing and marketing. Ordinary dividend tor the year is 9 per cent, against 8 per cent last year, and preference dividend is 5 per cent. This will take £19.650, compared with £16.625 last year. Transfer to general reserve is £lO.OOO higher ait £25.000 Carry-forward is £29,194, against £27.961 brought in from last year. Current liabilities are £95.900 down at £397.268. This takes in bank overdraft down £62.595 at £151.044 and trade and sundry creditors £48,599 lower at £163.478. Term liabilities are £28.441 down at £118,793

Paid capital is steady at £362,500 and share premium reserve at £73,538 is also unchanged. Other capital reserves are £40,366 against £49,134 last year. This £8768 reduction represents losses on realisation of an investment and a property, less profit on the realisation of a second property. General reserve is £33.174 higher at £170,034. This represents transfers of £25.000 from the appropriation account and £8174 from plant depreciation reserve. Plant depreciation reserve has been reduced by £1066

through plant revision and the balance of £0174 has been transferred. Shareholders’ funds are £16.379 higher at £675.032. Current assets are up £7777 at £640.001. This take* in trade and sundry debtor* at £295,374 <against £238.563 last year) and stock in trade and work in progress st £346.267 (£395301). Investment* and advances are £1968 (£6706). Dividends from profits earned by subsidiaries before their acquisition by Week* Field have been applied in reducing the value of investments. Amounts owing to subsidiaries have been similarly reduced. Fixed assets are down £lll,OOl at £549.634. This takes in motor vehicle* at £9683 (£13,637). plant and machinery at £328.110 (£355.670) and freehold property at £211.832 (£291328).