Record for Harley

Press, 13 June 1979, Page 22

Record for Harley

The sales figures of Harley and Company, Ltd, were a record in the year to March 31, topping the SIM mark for the first time, says the chairman (Mr J. R. Maddren) in the annual report. With controlled overhead j spending, net profit increased j significantly in spite of the I difficult trading prevailing, he ‘ says, i As announced, group net ■ profit fell a marginal 3.5 per; Icent to $41,755, while pre-1 'tax profit was ahead 14.7 peri cent to $84,599. I The lower group net profit jis because the stock valuation adjustment was not

available, increasing the tax: provision by $12,353 t 0542,844. $42,844. The depreciation. provision fell $ll7 to $13,449,1 and the interest payments' fell $312 to $14,339. The recommended final i dividend of 7c a share ; n-1 -creases the annual rate from 1 ; 111.5 c a share (10.6 c a share ' if calculated on the one-for-five bonus issue made last i iyear before the final dividend) to 12c a share (12 per] icent). The dividend requires! J $19,000 and is covered 1.9 ' I times by the profit. Shareholders’ funds rose.: j 52286 to $591,793, including! : I steady ordinary capital of I

; $182,396, $12,600 less for capital reserves at $202,477, i but $14,886 more for revenue reserves at $206,477. The earning rate on average shareholders’ funds fell I from 7.5 per cent to 7.1 per ■ icent, and shareholders’ . equity fell from 71.1 per cent - to 68.4 per cent. Working capital rose $64,549 to $255,668, and the .i current ratio increased from •i 2.0 to 2.8 to one. ; j The shares last sold for I; 165 c for a dividend yield of 7.3 per cent, and an earnings . yield of 13.7 per cent. The -price-earnings ratio was 7.2, Hand the net asset backing a J 100 c share was 324 c.