Morrison does well

Press, 1 March 1984, Page 22

Morrison does well

, Morrison P.I.M. (Holdings), Ltd, printing ink manufacturer and graphic arts supplier, reports an unaudited tax-paid profit of $1,316,000 (taxation, $1,077,000) for the 9 months to December 31, compared with a restated profit of $922,000 (taxation, $754,000) for the previous year. This result is an increase of $394,000 (43 per cent) and is not comparable with previous reporting periods as the quarter ended December is normally the strongest sales period for the company.

Sales for the period increased 19 per cent to $13,669,000 — excluding direct indent sales. The directors say that the trading results for the period have shown an improving trend as the year has progressed and with greater efficiencies and market penetration the directors are confident that the 15 months result to the changed balance date (June 30) will better last year. The directors have been unable to declare an interim

dividend pending the expiry of the “freeze" regulations today. An interim dividend of 20 per cent has accordingly been declared payable on March 16 for the 9monthperiodended December 31. Earlier intentions to make a 2 for 5 bonus issue are currently being reassessed. as the directors are investigating proposals that may be more beneficial to shareholders. An appropriate announcement will be made as soon as practicable.