BURNETT’S TURNOVER

Press, Volume CII, Issue 30234, 12 September 1963, Page 19

BURNETT’S TURNOVER

9.7 p.c. Rise To £l.6m

Group turnover of Burnett Holdings, Ltd., Ashburton sartaige contractors and Manufacturers, rose 9.7 per ■ent to £1,583,311 in the year x> March 31.

Consolidated profit for the year, as announced earlier ‘.his week, was £4949 higher it £59,478. This is after higher iepreciatton and tax. Earning rate on shareholders’ funds of £569,902 is 10.4 per cent, against 9.8 per cent on £556,371 last year. Paid capital is unchanged st £495,000, and the latest result represents an earning rate of 12 per cent, against 11 per cent last year. The steady 7 J per cent dividend takes £37,125. Carry-forward is £37,330 compared with £36,315 brought in. Capital profits are now shown as a direct credit to capital reserves, according to the report. A special dividend of £8977 has been paid to the parent company to write off preliminary expenses. Balance-sheet The consolida-ted balancesheet shows capital reserves reduced to £326 after the declaration of the special dividend. Current liabilities are up from £351,317 to £391,506, with bank overdraft £114,015 higher at £170,746, and deposits down from £112,529 to £34,689. Current assets are up from £308,155 to £364,076, with debtors £18,550 tower at £221,679 and stocks and work in progress £74,475 higher at £141,978. Fixed assets are fractionally higher at £447,953 and, after the writing off of the £8977 preliminary expenses, intangibles are down to £89,260.