Record Earnings By W. Stephenson

Press, Volume CVI, Issue 31143, 20 August 1966, Page 18

Record Earnings By W. Stephenson

(New Zealand Press Association) WELLINGTON, August 19. Wright Stephenson and Company, Ltd., stock and station agents, have boosted group net earnings to new record figures for the ninth successive year—and surpassed £1 million profit for the first time in its history.

The company announced this afternoon that unaudited group tax-paid profit for the year to June 30 last totalled £1,078,441, which represents an increase of 12.5 per cent on last year’s peak result. A final ordinary dividend of 6 per cent is recommended, making a total payment of 9 per cent for the year. This is the same as last year’s rate, which was paid on capital increased by a one-for-seven bonus issue. Latest Dividend The latest dividend will be payable on October 14, the date of the annual meeting. The shares will be ex dividend on September 29. The record profit announcement follows a statement in June that turn-over in the 10 months to the end of April had risen by £2,658,487 over the corresponding period of the previous year. The statement made in the prospectus for the issue of £500,000 prior lien debenture stock, was accompanied by a comment by the chairman (Mr C. U. Plimmer) that the profit for the year was expected to exceed that of last year.

This prompted a rise in th? share price from around 30s to the recent figure of 325. The debenture issue was heavily oversubscribed. In the prospectus, Mr Plimmer stated that increased diversification had markedly strengthened the group so that its trading results were not wholly influenced by fluctuations in the prices of primary products Late yesterday and again this morning the shares were traded at 32s 9d in Wellington, with heavy sales at that prices.