LWR confirms profit

Press, 28 August 1980, Page 18

LWR confirms profit

Lane Walker Rudkin Industries, Ltd, has to delay the presentation of its annual report, and the date for the annual meeting, until it obtains High Court consent for, the proposed financial restructuring, the directors announced yesterday. The audit has been completed, and the. directors confirm that group net profit, excluding extraordinary items, for the year ended June 19 was $2,641,000, an increase of 32 per cent on the previous year.

The profit, was achieved on sales of $57,056,000, a rise of 17 per cent, and is after tax of $875,000 ($708,000) and after adjusting for minorities’ share of losses of $38,000 (last year profit $24,000). The depreciation provision rose $54,000 to $990,000. c The directors are proposing a final dividend- from profits of 4.5 c a share (sc) making an unchanged total dividend of 8c a share. As announced, the directors are proposing a repay-

ment of capital to ordinary . shareholders and a variation in the rights ;of holders of i specified preference shares. The company’s solicitors are in the process of applying to the High Court for consent to submit a • Scheme of Ari rahgement to shareholders for their consideration and later return to the Court for i its final approval. Subject to all consents being obtained, i the directors are proposing a one-for-three bonus issue after the capital reduction is ■ implemented)