I. W. DOW YEAR

Press, Volume CIV, Issue 30856, 15 September 1965, Page 21

I. W. DOW YEAR

Subsidiaries Lift Sales

(N.Z. Press Association)

WELLINGTON, Sept. 14. After boosting group sales by 33 per cent Ivon WatkinsDow, New Plymouth-based agricultural chemical manufacturer, lifted consolidated net profit by 57.1 per cent to a record £69,257 in the year to March 31.

As announced in July, ordinary dividend is unchanged at 10 per cent and the return on capital—increased by the issue made to acquire Blade’s Chemicals, Ltd.—rose from 14.8 to 17.6 per cent. The chairman (Mr W. G. Watts) says in his review I that, while part of the additional turn-over was contriibuted by the two subsidiaries acquired since last year— Agricultural Services (N.Z.), Ltd., and Blade’s—satisfactory sales increases were also registered by every other company in the group. Current Year He reports that budgeted sales for the first quarter of the current year have been achieved and feels that the company can confidently expect another successful year’s trading in view of the entry into new fields of operation and the introduction of entirely new products. Group sales rose by £410,893 to £1,659,649 and the tax-paid group profit was found after providing £15,605 more for taxation at £57,592 and £16,402 more for depreciation at £52,332. The 10 per cent dividend this year requires £39,233 (1964: £29,718) and is covered 1.7 times by the profit. Carry-forward A sum of £562 is transferred to general reserve (£1227), leaving £117,648 (£82,835) to be carried forward. Consolidated shareholders’ funds show an increase of £74,007 to £574,779 and the earning rate on these funds rises from 10.3 to 12.0 per cent. Paid-up capital has risen by £20,125, to £392,330, reflecting the share exchange by which Blade’s Chemicals was acquired. Working capital declines by £86,756 to £223.311, with current assets up by £141,477 to £684,573 and current liabilities £228,233 higher at £461,262.

Walker, Hall Lifts Div. (N.Z. Press Association) AUCKLAND, Sept. 14. Walker and Hall (N.Z.), Auckland silversmith, has raised dividend from 6 to 7 per cent after a £976 or 17.6 per cent increase in profit to £6550 in tlie year to April 30. Profit was struck after providing £4O more for depreciation at £lB4O and £3140 more for tax at £7750. Expenses deducted include £2OOO in respect of “future expense.”

Earning rate on average funds improved from 6.4 to 7.2 per cent and that on capital from 11.6 to 13.6 per cent. Shareholders’ funds are £3197 up at £92,188, including capital of £48,000;

Issue Details By Winstone (N.Z. Press Association) WELLINGTON, Sept. 13. The issue by Winstone, builders’ merchants and manufacturers, of one-for-four ordinary 20s shares at a 10s premium, closes on November 17, ex rights September 15. Shares paid by instalments rank for —ll/36 of total dividend for the year to June 30, 1966, and -*-31/36 of total dividend for the year to June 30, 1967. Shares paid in full rank for —7/12 of total dividend for the year to June 30, 1966.