Alliance cuts dividend
The directors of Alliance Textiles. Ltd. have cut rhe ' final dividend from 4c a share to 2c a share (4 per cent) after reduced profit margins and increased costs caused the unaudited group net pro-; fit to fall 55.3 per cent. The profit fell 8733.919 to 8592.862 in the year to July 31 on sales 2.8 per cent • higher at 527.4. M. the directors say in a preliminary report . Profit margins were redu1 ced in the final six months because of intense compe-. tition. particularly from imported goods, on a diminishing local market, thev said.l During the same period! the company was unable toi recover rapidly escalating; costs. Exports rose 23.5 per; cent to 85.4 M. but the local; market declined 1.3 per cent? the directors said. Total group net profit was! down 8 per cent to 8516.000> in the first six months to 1 January 31. The recommended tax-free ’ final dividend of 2c a share reduces the annual rale from,
7c a share to 5c a share (10 per cent). It is payable on November 28. ex dividend on November 9.
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Press, 29 September 1979, Page 18
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185Alliance cuts dividend Press, 29 September 1979, Page 18
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