Early Bros. Sales Exceed £0.5m.

Press, Volume CVI, Issue 31344, 14 April 1967, Page 16

Early Bros. Sales Exceed £0.5m.

Sales by Early Bros. Dental and Surgical Supplies, Ltd., Christchurch, exceeded £500,000 for the first time in the year to December 31, says the chairman (Mr I. J. Wilson) in his annual report.

As announced, group profit rose by £3996, or 20 per cent, to a record £23,902 after providing £1550 less for depreciation at £6931 and £lBO4 more for tax at £22,843.

The steady 12 J per cent dividend requires £l7OO more at £11,608 and is covered more than twice by profit The final of 7} per cent will be paid on capital raised by the recent one for four bonus issue. The earning rate on average ordinary shareholders’ funds is up from 11.3 to 12.5 per cent while the rate on

average ordinary capital is up from 24.8 to 25.4 per cent Since the balance date, Early Bros, has acquired Oral Supplies Ltd., Auckland, and the effect of this is not shown in the latest group accounts. Mr Wilson says that directors are confident that the merger of interests will i strenthen the group as a whole and add to profitability.

Oral Supplies trades in the same fields as Early Bros, and will continue as a separate entity in the meantime, he says. Another subsidiary, Ethicals Ltd., Auckland, again traded profitably and contributed a 10 per cent dividend to the parent company against 5 per cent the year before. Shareholders’ Funds

The accounts show shareholders’ funds £15,972 higher at £201,062, with ordinary capital £20,188 higher at £100,939 and preference capital unchanged at £4OOO. Mainly because of the issue, capital reserves are £16,265 lower at £36,677. A profit from the sale of land contributed £3923. Fixed assets are £13,832

lower at £91,204 and term lialibities at £5OO less at £15,900. Working Capital Working capital is £24,170 higher at £106,492. Current assets are £26,252 higher at £224,943 and include stocks, £19,634 higher at £140,438; and debtors, £6212 higher at £82,607. Current liabilities at £3052 lower at £118,451 and include creditors, £34,099 lower at £22.357; and overdraft, £27,577 higher at £48,977.