L. W. Rudkin Lifts Profit 8 p.c.

Press, Volume CIII, Issue 30511, 5 August 1964, Page 21

L. W. Rudkin Lifts Profit 8 p.c.

Lane, Walker, Rudkin Industries, Ltd., Christchurch manufacturers of knitwear, hosiery, sportswear and tailored clothing, lifted consolidated net profit 8 per cent from £255,000 to £275,000 in the year to June 19, say directors in a preliminary report.

This is after making provision for an increase of £32,000 for depreciation. Consolidated sales are now more than £5,800,000, say directors. The results are subject to audit. Directors recommend a final dividend of 7i per cent making a steady 12 j per cent for the year on higher capital. Both Christchurch and

Auckland subsidiaries operated successfully and the current year’s figures include a new subsidiary, O. T. Evans and Company, Ltd., Wellington, acquired in February, says the report. Volume of orders booked for the first half of the new financial year was at a higher level than the same period last year. This, directors say, is “very satisfactory.” New Company Dominion Yarns and Fabrics, Ltd., in which Lane Walker Rudkin has half shares with John Heathcoat and Company, Ltd., of England, was operating continuously. Production is fully booked.

Although the company has traded profitably in its first nine months of operation no dividend has been declared in the initial period. Further plant is being installed to meet the demand and directors are confident that this venture will add further to the profitability of the group, concluded the report

Business Personal

Mr T. J. N. Foley, the chairman of British Tobacco Company (Aust), Ltd., has been appointed a director of the Bank of New South Wales and the Bank of N.S.W. Savings Bank, Ltd. He replaces Sir Roy McHaughey, who resigned recently.