John Burn trading more profitably

Press, 2 April 1980, Page 27

John Burn trading more profitably

The directors of John Bums land Company. Ltd. report (that the reconstruction programme is proceeding as j planned, and that trading for [the six months to December 131, resulted in a profit of ($420,000 ($159,000) including (unaudited equity profits of $32,000 (nil). No tax was payable in either period.'This-result has been confirmed by a full halfyearly audit. All continuing divisions traded profitably... and sales for the six months were down from $15.6M to 513.7 M.

I The trading result excludes! (realised capital profit from (sales of surplus assets, which are proceeding in an orderly fashion, and have resulted in a further profit .of $786,000 ($549,000) in the six month I period. The trading result also excludes all reconstruction costs and losses which, at December 31, 1979, were well within the provisions made in the. accounts to June 30, 1979, the directors said. “New .opportunities for sales and profit are appearing throughout the changed

group. Whilst it is obviously imprudent in the economic climate to be too optimistic, from the trends that are developing, the board is looking forward with confidence Ito the full year’s result,” the report says. The directors have declared an interim dividend on ordinary shares of 5c a share (10 per cent) payable on May 30. This was predicted in the 1979 “Scheme of Arrangement” and compares with interim dividends for the 1977 and 1978 years of 4.5 c a share.