Berry expects good year

Press, 29 July 1978, Page 19

Berry expects good year

PA Auckland The year should be another profitable one for Henry Berry, Ltd, its chairman (Mr A. G. Brown) says in his annual review.

As announced, the company increased net profit 26.8 per cent to $688,625 in the year to March 31. The dividend rate has been raised from 15 per cent to 18 per cent, and is payable on capital raised by last year’s one-for-seven bonus issue.

During the year, the Hayman division, which manufactures a substantial portion of the catering equipment sold by the company, increased its profit 26 per cent. The factory has been extended for further developments, and new products.

Shareholders will be asked at the annual meeting to approve a SIM increase in authorised capital, to $3,300,000, but Mr Brown says that no immediate use of the new shares is contemplated. The group’s turnover increased 16.7 per cent to SI7M. The profit was after

tax $22,774 higher at $439,002, and depreciation rose $7491 at $108,924.

A provision of $95,841 was made for unrealised profit on hire-purchase sales. In 1977 this amounted to $2487. The higher provision followed a substantial increase in sales of machinery on hire-purchase.

The earning rate on capital improvea from 50.5 per cent to 53.3 per cent, and on shareholders’ funds from 16.3 per cent to 17.7 per cent.

The increased dividend required $58,226 more at $232,526, reflecting the increased rate, and the rise in paid capital from $1,255,333 to $1,291,809. Shareholders’ funds were $462,605 higher at $4,122,984. Term liabilities were down from $1,955,868 to 51,874,528.