P. Impey optimistic

Press, 22 November 1980, Page 19

P. Impey optimistic

PA Auckland, Despite the downturn ini housing construction Phill-; ipps and Impey. Ltd’s activities in the home improvement market enabled it to in--1 crease sales 9.8 per cent to ($33,768,128 in the year to (August 31. The managing director (Mr S. C. Browning) says in 1 his annual review that an I (improved level of gross pro-! I fit and effective cost control! (were the factors behind the >29.2 per cent higher record (trading profit of $1,316,844. j Marketing plans and new (products make the outlook I for the Samson Paints sub-

l.sidiary encouraging, and (Goldex Paints Ltd should inti crease volume sales. The company’s retail chain performed well: operating ■ costs in this area have in- ■ creased but gross margins > have been maintained. it Mr Browning says that unless the business climate •(drastically deteriorates the, I'outlook is cautiously opti-; ilmistic. •i As announced. shareholders will be asked to ap-j ;-prove a one-for-five bonus. I ii Shares issued in this move twill rank for the final 111 •(per cent payout, making the 18.5 per cent rate! - equal to a 20.7 per cent dis-

1 tribution on pre-bonus capi- ■ tai. Ths dividend will take i $56,205 more at $528,839 ;!and is covered by an earning ■ rate on capital up from 39.9 Dper cent to 51.5 per cent (it ■will drop to 42.9 per cent . after the bonus). ■' The return on average ;jshareholders' funds has im- • ■proved from 11.4 per cent to 113.2 per cent. • i The profit was after tax •($ 2 4 5,0 8 0 higher at 151.001.865, and depreciation ! j525,305 greater at $261,966. yA capital profit of $49.4521 ■ was made on the sale of: ■ property.