VIBRAPAC BLOCKS

Press, Volume CIV, Issue 30808, 21 July 1965, Page 21

VIBRAPAC BLOCKS

Net Profit Up £26,705 Consolidated net profit of Vibrapac Blocks, Christchurch, more than doubled in the year to March 31 with a rise from £24,983 to £51,688. This peak result was after a 32 per eent rise in group turnover from £652,604 to £861,235. Result is after ordinary and special depreciation £4024 higher at £32,694 and tax up £15.506 at £41,356. Earning rate on shareholders’ funds, up from £268.547 to £309,133, is 16.7 per cent against 9.3 per cent. Dividend, unchanged at 10 5-6 per cent, again takes £17.898. General reserve receives £5OOO. the same as last year, taking them to £40,000. To provide for future doubtful debts and changes in demand for masonry styles a special reserve of £lO,OOO has been created. Rapid Expansion The group has expanded rapidly in a relatively short period, says the chairman (Mr N. Vincent), and the fruits of this growth can now be seen in the increased contribution being made by subsidiaries. Sales of spuncrete poles rose by 50 per cent in the latest year, and the subsidiary showed a loss of £1379 against a loss of £10,813 last year. “Trade in the current year has been at an even higher level,” adds Mr Vincent. An issue of £lOO,OOO in notes has helped improve the working capital from £65,875 to £177,068. Current assets are £42,668 higher at £321,932. Of this, sundry debtors and work in progress is £171,502 (£148,451 last year) and stacks, £148,052 (£128,581). Current liabilities are £68,525 lower at £144,864. Bank overdraft is reduced to £21,853 (£108,469) while trade creditors are £56,656 (£38,330). Fixed assets are £24,520 higher at £378,497, and largely because of the note issue, term liabilities are £103,100 higher at £260,300.