TAYLORS SEEKING LISTING

Press, Volume CVIII, Issue 31728, 11 July 1968, Page 20

TAYLORS SEEKING LISTING

The immediate objective of Taylors Drycleaning and Laundry Services, Ltd, Christchurch, is to obtain stock exchange listing of its shares, says the chairman (Mr C. H. Taylor) in the annual report.

To provide the recommended history of trading may put listing three to five years away, but in the interim the directors are budgeting to strengthen the financial structure of the company and improve its return of net profit.

In December, Taylor’s Cleaners and Dyers, Ltd, and

Laundry Services (5.1.), Ltd, merged. The group profit in the year to March 31 rose $5596, or 47.2 per cent, to $17,929, to return 13.9 per cent on the average ordinary capital and 10.2 per cent op average shareholders’ funds. With the changed structure of the company, it is difficult to make an over-all comparison with trading of previous years, says Mr Taylor. However, after making allowance for the merger, the volume of business handled has increased. The value of the extra volume has been enhanced by major machinery installations made during the year. Current Prospects (In the current year, directors have budgeted for a further increase in volume when it is expected that the benefits of the reorganisation and new machinery will be even more evident, says Mr Taylor. Although not originally intended in the initial merger, Taylor's Drycleaners (Timaru), Ltd, has been purchased for $lO,OOO. Dividend

The recommended dividend is 7} per cent which requires $9375. The $lOO,OOO in shares issued to Taylor's Cleaners and Dyers, Ltd, as part of the merger only take part in the dividend from January 1, 1968. Shareholders’ funds are $253,245 with ordinary capital at $200,000. Crothall Div. Crothall and Company, Ltd, Christchurch, has maintained its interim dividend of 6 per cent, payable September 2, ex August 9, on the capital raised by the recent one-for-five bonus issue. The total dividend last year was 12} per cent. Business Personal Mr D. N. R. Webb, who retired last month after seven years as Director-General of Agriculture, has been appointed a director of Ivon Watkins-Dow, Ltd, New Plymouth, agricultural chemical manufacturers. He fills a vacancy caused by the retirement of Mr G. W. Salmond, managing director of Salmond and Spraggon, Ltd, Wellington.