COMMERCIAL A. M. Bisley nearly doubles profit

Press, Volume CXV, Issue 33962, 1 October 1975, Page 20

COMMERCIAL A. M. Bisley nearly doubles profit

The unaudited group net profit of A. M. Bisley and Company, Ltd, rose 93.0 per cent to $548,193 in the year to June 30, the directors sav in a preliminary report.

Machinery export sales, which exceeded slm for the first time, made a major contribution to profit after deduction of export incentives. Improved profitability has also been assisted by the company’s policy of raising additional working capital within New Zealand" by the issue of secured debentures, the avoidance of overseas borrowing and consequent

iexchange losses, a concentrated export drive, [which has reduced dependence on the domestic market, the directors say. The provision for taxation was $194,443. The net profit gave an earning rate of 12.9 per cent on shareholders funds, and 8.5 per cent on total funds employed. Sales increased 29.0 per cent to $7,318,582, but expenses increased only 24.4 per cent to $1,715,554. The ordinary dividend of 15 per cent (15c a share) is expected to fee tax-free in shareholders’ hands from realised capital profits. It will

be paid on December 12 after the annual meeting on December 11, ex dividend November 26.

Last- year the company ; paid an 11 per cent dividend. A. M. Bisley has nearly doubled its profit for the second time, after group net profit rose from $152,587 to $294,593 for the 1973-74 financial year. At the same time the annual dividend rate will also nearly double, from the 8c a share paid in the 1972-73 year, to 15c a share for 1974-75 if the dividend increase is approved by shareholders.