IW-Dow profit 12 p.c. up

Press, 5 August 1983, Page 14

IW-Dow profit 12 p.c. up

The group net trading profit of Ivor Watkins-Dow, Ltd, rose 11.8 per cent to $1,049,000 in the six months ended June 30, the directors announced. An interim dividend of 7.5 c a share (last year 6.5 c) will be paid free of tax on September 2. The directors say that, compared with 1982, sales of IWD branded products increased substantially, but lower export sales and weak demand in the industrial chemicals and plastics sectors brought total sales below last year’s levels. “A good product mix combined with earnings on surplus funds assisted in raising profit before tax 24.8 per cent,” they say. “The removal of regional investment allowance and export manufacturing plant investment allowance together with lower export sales resulted in a higher rate of tax for the six months and thus a smaller percentage increase in profit after tax. “More than a year ago management took steps to critically examine all costs and redirect effort into the more profitable areas of the business. This programme has been effective. The board is confident that given the conditions currently predicted an operating profit similar to 1982 will be achieved.”