Salmond Sales 23 p.c. Higher

Press, Volume CIX, Issue 32073, 22 August 1969, Page 14

Salmond Sales 23 p.c. Higher

The group turnover of Salmond Holdings, Ltd, increased by 24 per cent to $5,676,167 in the year to March 31, the chairman (Mr I. R. Salmond) says in his report with the full accounts.

Sales in the first quarter of the current year are 23 per cent higher than in the corresponding period. The accounts include a full year’s trading by Talus Brushwre, Ltd, and R. S. Elliott and Company, Ltd, but take no account of sales by Prepared Foods, Ltd, which

was acquired on March 31, 1969. Salmond Holdings is the pairent company of a group that includes Salmond and Spraggon, Ltd, Giioeal, Ltd, Talus Brushware, Ltd, V. A. Pool, Ltd, and Bonny Products, Ltd. The accounts confirm the announced profit recovery to $186,024, well ahead of the results of 1966 and 1967. This was after steady depreciation and a substantially higher tax provision of $214,000. The dividend, restored to 11 per cent, takes $114,642, covered 1.6 times. The earning rate on higher capital improves from 9.7 to 17.8 per cent, and the rate on average shareholders’ funds rose to 15.5 per cent. Working capital decreased by $91,906 to $482,223; the liquidity ratio is 1.2 to 1.

Mr Salmond says that the principal subsidiary, Salmond and Spraggon, Ltd, had a most satisfactory year with turnover up by 15 per cent. A number of new products were introduced and administration and warehousing costs were reduced.