Wallace May Lift Final Dividend

Press, Volume CIX, Issue 32215, 6 February 1970, Page 16

Wallace May Lift Final Dividend

(New Zealand Press Association) AUCKLAND, February 5. D. McL. Wallace, Ltd, the Auckland engineer, may raise its dividend this year, restoring the rate to the 10 per cent paid in 1967.

I The interim dividend is I steady at 4 per cent, but the directors said today that the ! final payout was likely to be 6 per cent, up from 5 per cent paid last year. Sales for the half-year to October 31 were on a par with the previous half-year, and they have since shown a rising trend, the directors said. The figure for the eight months to December 31 was a record.

Profits were being earned at a satisfactory rate, and after the annual balance on April 30 the directors expected to recommend raising the final dividend.

In the last six months good progress has been made in the further development of Wallace’s range of industrial products, all of which were meeting a ready demand. There had been a substantial increase in export sales, while forward orders in hand, both local and overseas, were satisfactory. The interim payout will be made on Febraary 27; ex dividend February 16.