BEGG LIFTS RESERVES

Press, Volume CIII, Issue 30482, 2 July 1964, Page 17

BEGG LIFTS RESERVES

£130,871 Jump To £611,079 (N.Z. Press Association) DUNEDIN, July 1. With a big increase in net profit for the year to March 31, revenue reserves of Charles Begg and Company, Ltd., have jumped from £480,208 to £611,079, according to the consolidated bal-ance-sheet which will be presented to the annual meeting of the company on July 23.

Total shareholders’ funds are now £1,302,746. Earning rate rose from 11.4 per cent to 19-.4 per cent. Current assets have risen from £542,487 to £640,920, investments are up from £70,919 to £91,114, and fixed assets have risen from £400,130 to £423,952. The 12} per cent dividend recommended by directors, plus the 5 per cent bonus dividend, will take £98,000 of the record net profit of £252,890. Unappropriated profit from last year is £179,338.

Transfers to various reserves total £205,080, leaving £231,079 unappropriated pro fit.

H. And Jordan Profit Cut

(N.Z. Press Association) AUCKLAND, July 1. After a decline in sales, group profit for the year to March 31 of Harnish and Jordan, Ltd., Auckland, blind and folding door manufacturer, was cut back by £4612, or 30.9 per cent, to £10,285, barely enough to cover the reduced dividend. This is the third successive fall in profit from the 1961 peak of £20,570. Last year the result dropped 21.7 per cent to £15,897. Trading since the end of the financial year has been better than anticipated, and if this trend continues a substantial improvement in profitability can be expected, says the chairman of directors (Mr A. G. Gray) in his annual report.

A. and T. Burt Dividend Up

A. and T. Burt, Ltd., plumbing and ventilation engineers, will pay a final ordinary dividend of 5} per cent. This makes 71 per cent for the year, against 5} per cent in 1963. Final preference dividend is 3 per cent making a steady 6 per cent. Dividends are payable on August 14, ex July 30.