Record Turn-over For McKenzies

Press, Volume CIII, Issue 30481, 1 July 1964, Page 19

Record Turn-over For McKenzies

(Neto Zealand Press Association)

WELLINGTON, June 30.

Total shareholders’ funds of McKenzies (N.Z.) Ltd., rose to £2,261,411 in the. year ended March 31, according to the ahnual accounts released today.

Turn-over for the year created a record, says the chairman of directors, Sir John Hott, in his review.

“Gross profit percentage was maintained and increased trading profit offset increased costs of operation.” Expenses were strictly controlled, he said, and this inu proved the trading position. “We were able to show a record profit of £214,913 in spite of rising wages and operating costs.”

The firm expected to have 50 stores operating in 1964The George street, Dunedin, branch had been rebuilt after the fire there last year, and its re-opening was planned by July 1. Store alterations at Lambton quay were proceeding, and this store should re-open towards the end of September. "The full benefit of trading from our stores will not be felt until 1965,” said the chairman. The accounts do not detail expenses, but show consolidated net earnings . of £404,032, compared with £356,771 in 1963. To the latest figure is- added £7650 ind dividend, a new item. Undistributed profits carried forward rise by £67,147 to £632,625. Balance-Sheet

The balance-sheet shows current assets £151,986 lower at £1,659,384, due to slight reductions in stock and debtors; and current liabilities down £233,318 to £755,480, the result of greatly reduced bank overdraft and creditors. Fixed assets rise from £2,299,300 to £2,546,171, and fixed term liabilities rise by £242,677 to £938,664. Reserves reach the million milestone with the new total £1,069,490, against £983,964 last year.