W. Horton record sales and profit

Press, Volume CXIV, Issue 33540, 22 May 1974, Page 11

W. Horton record sales and profit

(New Zealand Press Association) AUCKLAND. The unaudited group turnover of Wilson and Horton, Ltd, exceeded s2lm for the first time in the year to March 31, and the net profit was about 64 per cent higher at about Sl.sm, the directors say in a preliminary report.

An interim tax-free dividend of 6c a share was paid in December and the directors will recommend a final dividend of 7c a share, plus a special tax-free dividend from capital profits of 2.5 c a share. Dividends of 13c a share were paid for the previous financial year. Like the interim dividend, the final dividend will be paid on capital increased by the one-for-eight bonus issue made in July.

The total dividend for the year of 15.5 c is quivalent to 17.4 c on pre-1973 capital. The final dividend will be paid on July 3, ex-dividend June 19.

“Apart from inflationary influences, the record profit reflects the substantial increase in group turnover and an Initial return from the s6m invested in re-equip-ment and expansion over thf past three years. “However, the severe international shortage of news print will undoubtedly restrict the company’s ability to offset rising costs in the current year. “To meet the need for in-

Brighter future

Claude Neon Lights of New Zealand, Ltd, is on the “right road back to profitability” the chairman (Mr J. Hoekman) told the annual meeting. “I am confident that 1974 will see a resumption of dividends,’ he said.

creased working capital to serve the expanded operations of the company, a rangements have been completed for additional debenture moneys,” the directors sav.

In 1972-73, the company earned $914,972 on sales of $17,920,846.