Auckland Laundry Lifts Earnings

Press, Volume CV, Issue 31032, 12 April 1966, Page 19

Auckland Laundry Lifts Earnings

“The Press” Special Service AUCKLAND, April 11. Auckland Laundry lifted net profit by 20.9 per cent in the year to January 31 and this took earning rate on higher shareholders’ funds up from 6.6 per cent to 7.7 per cent.

Net profit of £16,675 compares with £13.788 the year before and £12,092 in 1963-64. The chairman (Mr H. M. Rogerson) says in his report that the steady progress of the company has continued. Activities in both laundry and rental material services have continued to grow on a firm basis and total revenue was the highest ever.

As announced, ordinary dividend has been raised from 7 per cent to 8 per cent. Latest result was struck after providing £4560 more for depreciation at £16,294 and £l4OO more for tax at £13,600.

Trading profit was £7787 higher at £44,039 and other income was £4OOO, against £3OOO.

The higher dividend requires £8548, against £7453. After tax adjustment of £4l and transfer of £15,000 to building replacement reserve, carry-forward is reduced from £49,165 to £42,333. Funds Up The balance-sheet shows shareholders’ funds up from £208,265 to £216,433. Paid capital is unchanged at £106,850, but this will be lifted by £35,667 by the proposed one-for-three bonus issue. This issue will be made

from capital reserve which at balance-date stood at £52,250, having been raised £14,000 by a transfer from the building replacement reserve. The bonus issue proposal, together with the proposed increase in nominal capital from £150,000 to £300,000 and the splitting of the present 20s shares into 10s units will be put to an extraordinary meeting immediately after the annual general meeting on April 27.