U.E.B. down 33p.c.

Press, 9 June 1978, Page 11

U.E.B. down 33p.c.

U.E.B. Industries, Ltd. continued to encounter difficult trading conditions in the second half of its financial year to March 31, and total audited profit declined 33.0 per cent or $3,133,553 to $6,347,703, despite considerable tax benefits. A tax provision of $3,530,312 in the previous year was turned into a tax credit of $1,305,401 in the latest year by export, stock, and other incentives. Sales revenue for the year declined 3.3 per cent or $5.4M to $158.5M.

Net trading profit for the year fell 28.0 per cent to i $6,884,924. The net trading profit represents an earning rate of 10.5 per cent on shareholders funds and 4.3 c out of each dollar of sales. Exports rose 8 per cent to a record S2OM. Carpet and carpet yarn sales were higher, but lucerne pellet sales were nearly halved to SI.SM. The annual dividend rate is being held at 17 per cent (8.5 c a share) by an 11 per cent final dividend payment on

■ August 18, Shares will be ex ( dividend on July 28. The ordinary dividend was covered 1.7 times by profits. ’J “As indicated in the : interim report, trading conditions were most difficult. These conditions continued > during the second six months. I and volume decreases in both • 1 production and sales were shown," the directors say. > I “The down-turn particularly affected the company’! ’i carpet division, and it was necessary to reduce produciltion in all plants.”