Burke’s trading improves

Press, 21 December 1978, Page 18

Burke’s trading improves

Since the beginning of October, there has been a significant improvement in the trading of Burke’s Caterers, Ltd, and turnover in all divisions is again ahead of the corresponding period in 1977, says the chairman (Mr R. P. Thompson) in the halfyearly report to shareholders.

On present indications, the rest of the financial year to March 31 should be more buoyant, he says. “Subject to the effect of associated company results, the group should therefore be able to report a satisfactory profit for the full year.”

i As announced, the unau ! dited group net profit fell 23.9 per cent, or $17,632 to $56,204 in the six months to September 30. excluding the share of profits or losses of associate companies.

The group’s turnover fei) 4.2 per cent to $1,504,418, reflecting the depressed economy, some postponed race meetings, and the fact that, this year, Easter did not fall in the trading period under review, he says. For the full year, the group’s share of the profits of associated companies will be adversely affected by an, as yet, unascertained cost of major non-recurring renovations at the Caledonian Hotel.

Since September 30, this project has been completed and is now working. “Trading has been substantially above the budgeted level, and when the maintenance element of the reconstruction costs has been recouped, it is expected that the Caledonian Hotel will make a significant contribution to group profits,” Mr Thompson says. The directors have declared an interim dividend of 2c a share (4 per cent) on capital increased by a one-f.r-one bonus. In money terms this maintains last year’s interim dividend of 4c a share (8 per cent).