GEN. FINANCE EXPANSION

Press, Volume CIV, Issue 30930, 10 December 1965, Page 23

GEN. FINANCE EXPANSION

Assets Exceed £3 Million (N.Z. Press Association) WELLINGTON, Dec. 9. Total group assets of General Finance, Ltd., hire purchase financiers, have exceeded £3m for the year end October 31,1965 Itos represents an increase in assets of more than 60 per cent on the previous year’s portfolio of £1,870,000. Net profit after provisions for taxation has risen to £50,200 (1964, £28,134), representing an average earning rate of 12.8 per cent on paid share capital and 12 per cent on average shareholders’ funds employed for the year. ‘"The year has resulted in the company achieving several milestones in its development, said Mr Roy E. Savage, chairman, at the official opening of Parnell House, Auckland.

“In February assets topped the £2m mark; in May the National Bank of New Zealand, Ltd., acquired a 23 per cent shareholding; and in October total assets rose to £3m,” said Mr Savage. The directors will recommend that the final dividend be increased to 4f per cent. An interim dividend of 4 per cent was paid on August 1, and this, with the final dividend, will total 8{ per cent, requiring £33,757. The shares are ex dividend on February 1, 1966.