DOMINION CATERERS

Press, Volume CIII, Issue 30478, 27 June 1964, Page 16

DOMINION CATERERS

Profit Rises To £22,838

Net consolidated profit of Dominion Caterers, Ltd., Christchurch caterers and hotel owners, rose sharply by £5927 or 35 . per ’cent to £22,838 for the yehr to March 31. . This profit was after deducting £BOOB (up £425) for depreciation and £21,461 (up £5876) for taxation. It includes £582. from the sale of assets of Gold Room, .Ltd., sold during the year with a condition that P. Burke and Com.pany have the sole catering rights for five years. Earning rate on total shareholders’ funds which, rose £15,270 to £193,427, was 11.8 per cent against 9.5 per cent last year. Carry-forward is £58,643 against £46,708 brought in. As announced previously, the recommended final dividend of 5 per cent (4} per cent last year) will take £6250 (£5625), making 9 per cent (-8 per cent) for the year which will take £11,250 (£10,000). Turn-over from the Bush Inn Hotel was a record, said the ■ chairman of directors (Mr A. R. Guthrey) in his report.

Night trotting introduced in Canterbury during November brought ■ many problems, as revenue reduced from licenced booths which closed at 6 p.m. Directors have been considering a change in the name of the holding company to associate it more closely with the principle operating subsidiary, P. Burke Caterers, Ltd., said Mr Guthrey. Trading Profits Higher

Gross profits from trading were £126,393 (£106,755), and operating expenses £71,205 (£62,843).. . Current liabilities rose to £75,401 from £68,307, and term liabilities were £36,670 (£42,264). Capital reserves, which stood at £824 last year, were boasted to £3534 by the sale of fixed assets and goodwill of Gold Room, Ltd. (£2710). Current assets were £11,767 up at £48,909. Loans and investments rose sharply to £14,827 from £5105. This includes interest bearing balances from the sale of assets and second mortgage of £7500. Fixed assets were £234,445 (£238,789), and total intangibles £7317 (£8692).