B.O.S. Established In Australia

Press, Issue 32345, 10 July 1970, Page 18

B.O.S. Established In Australia

British Office Supplies (N.Z.), Ltd, has become firmly established in Sydney in the last 12 months, the chairman (Mr E. G. McGee) says in the annual report.

Although expenses of pro motion and establishment ir Sydney were much highei than the directors had ex pected, they had been able t< write them off completely ir the accounts for the year t< March 31. Sales in Australia are in creasing and already order; booked show an -increase ol 50 per cent over the total sales for the full year tc March 31. That trend should continue and results improve Goods manufactured in the steel division for export were 30 per cent more than those for the previous year. In the first two months of this year export sales excee ded those of the previous full year. Sales of the whole group in the full year were 12} per cent more than in the previous year, and the trend has continued into the present year, Mr McGee says. The accounts confirm the 15.7 per cent profit increase to $117,931. announced last month. The result was achieved after higher depre ciation and tax, and includes a capital profit of $10,514.

-| The unchanged dividend rrequires $69,140, covered 1.7 r times by the profit. The earning rate on the ) higher capital of $512,144 i eases slightly to 23.0 per cent, rand the rate on average shareholders’ funds is 13.4 per - cent. >j During the year $105,000 f 6.5 per cent notes were conI verted to shares. i Working capital increased I by $38,741, but the liquidity ratio eased to 3.5:1, still very: ■ strong.