Rapid growth by U.D.C.

Press, 9 May 1978, Page 34

Rapid growth by U.D.C.

PA Wellington U.D.C. Group Holdings. Limited, increased total audited net profit 36.5 per centi to $1,833,000 in the year to March 31. The trading profit was 24.0 per cent higher at $1,810,000. In addition, a net profit of: $23,000 was realised when the group's overseas borrowing was repaid on October 3, 1977. This profit came about i as a result of a slight upward movement in the value of the New Zealand dollar. Tangible, assets, excluding , deferred income, increased 36.5 per cent to SII4M and deposits increased 41.5 per I cent to 587.3 M. Capital and reserves rose : S4.IM to $13.4M. ji Pre-tax profit for the year ; rose 27.5 per cent to : $3,202,000. The net profits

was after providing $340,000 more for tax at $1,392,000 and $lBl,OOO more for depreciation at $528,000. The directors are satisfied! with the year’s result, espec-: ially as trading conditions’ were difficult and an in-: crease in the average cost of! deposit money, and higher: running costs made it extremely difficult to maintain; profit margins, says the! chairman (Sir Clifford Plim-i mer). A final dividend of 6| per cent (6.5 c a share) is payable on ordinary shares on ; July 7 other than those shares that will be allotted under the forthcoming one-; for-two cash; issue. The final dividend requires $468,000, and will make the total dividend rate for the year a steady 12| per cent. The- total dividend paid for the year will be $902,000.