COMMERCIAL A. and B. margins cut; sales rise 20 p.c.

Press, Volume CXV, Issue 33804, 29 March 1975, Page 18

COMMERCIAL A. and B. margins cut; sales rise 20 p.c.

Andrews and Beaven, Ltd, reports that the unaudited group results for the six months to December 31 show a 20 per cent rise in external sales to $15.2m compared with last year.

Expenses, particularly salaries and wages, continued to rise, and the pre-tax profit showed a limited increase over the comparable period in the previous year.

This result has to be related to the exployment of significantly higher funds, from retained profits and borrowing, the directors say.

Sales for the two months to February 28 were “well sustained” and all divisions except one reported continuing success in today’s more

difficult conditions, they say. The agricultural division, which accounts for less than 20 per cent of the group’s turnover, had a moderate down-turn in sales, and this could continue through 1975. However, the group’s

order books are such that it is expected that all manufacturing and productive facilities will remain at current levels of activity for the foreseeable future, the directors say. They are confident that the improvements gained during the past two years) will be maintained. An unchanged ordinary) interim dividend of 5 per: cent (5c a share) is payable on April 18.