A. Springhall profit slightly ahead
The group net profit of Armstrong and Springhalt j I (Holdings), Ltd. rose a mar- . ginai $2419 to $632,992 in the year to June 30. the directors say m a preliminary report. A recommended final tax 'free dividend of 8.5 c a share' increases the annual rate from 13c a share to 14c a share (14 per cent). The directors have also announced a one-for-three issue of non-renounceable 12 per cent specified preference shares for ordinary and pref-; erence shareholders. The issue will convert to; ordinary shares at the end. of five vears. The minimum entitlement is 100 shares. The proposals are subject to the consent of ordinary? shareholders at an extraordinary meeting to be held! on November 18. Pre-tax profit rose 7.5 per [cent to SI.IM but, because of the level of taxation on' the finance subsidiary, a 'higher group tax provision!
of $438,118 (up $71339) .affected the net result, the directors say. Depreciation was $64,539 higher at $563,577. Group sales increased 7. ; per cent to 514.7 M. a result the directors consider satisfactory. The final dividend is pay able on November 21, ex dividend November 2. The annual dividend payment is covered 3.3 times by the profit.
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Press, 4 October 1977, Page 46
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204A. Springhall profit slightly ahead Press, 4 October 1977, Page 46
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