Abcal pay-out increased 32.7 per cent

Press, 5 March 1982, Page 10

Abcal pay-out increased 32.7 per cent

A final dividend of 16 per cent (16c a share) on the bonus-increased share capital of $5,625,000 is recommended by the directors of' Associated British Cables, Ltd, for the year ended December 31. With the interim dividend declared in October the total pay-out to shareholders for the year will be $1,368,750 ($1,031,250) which represents a distribution to shareholders of 24 per cent on the increased capital. Share transfer books close at 5 p.m. on April 13 and reopen at .9 a.m. on April 27; the dividend is payable on April 26.. . The Chairman (Mr A. S. Don) said that the final dividend was being recommended on an audited record tax-paid profit of $2,294,664 — which was 37 per cent above last year's $1,670,995 after charging depreciation of $526,116 ($514,554) and taxation of $1,499,930 ($712,964). A modest 12 per cent rise in sales during the first quarter had converted to a 21.5 per cent increase by year

end. with both oeprating divisions exceeding their budgeted outputs. The more buoyant trading conditions on the home market' had offset a reduced level of exports and had combined with stable copper prices to produce the company's record profit in spite of significant increases in the cost, of other materials and operating expenses.

During the latter part of 1981 the domestic market had strengthened for all products and present. indicators suggested that this trend would continue in 1982. It was anticipated in fact that the demand for some products would increase significantly as the major energy and related projects were launched.

By exploiting its strengths at home and abroad the company faces the future with the confidence that it will continue to trade profitably on both local .and overseas markets, Mr Don said.