Sanford half result well up

Press, 18 April 1985, Page 24

Sanford half result well up

PA Wellington The fish merchants, Sanford, Ltd, have announced a tripled half-year profit of $3,985,094, compared with $1,359,376 for the corresponding period last year. Tax for the six months to February 28 was $1,051,197 (1984 net taxation credit $524,151) and deductions of minority interests were $43,568 (1984, $108,470). Group turnover for the period was $31,300,000 (1984 $24,760,000). An interim dividend of 5c per ordinary 50c share (10 per cent) has been declared, payable on June 10 from taxable sources. The 1984 interim dividend was 12%c per share (12ti per cent) on the then-$l ordinary shares before the split to 50c units, and before the declaration of the one-for-one bonus issue on June 1, followed by the one-for-two bonus issue of December 12, 1984. The directors said they were investigating a proposal for the introduction of a dividend investment plan, which would enable shareholders to elect to receive dividends in cash, or bonus shares in lieu of dividends. If a shareholder elected to take bonus shares, these would be allotted on the basis of the average market price of the share, less 10 per cent. The directors said that subject to favourable legal advice on the proposal a special general meeting would be convened shortly for the purpose of passing the resolutions necessary to implement the scheme. “There were substantial oneoff devaluation benefits included in the half yearly profit stated above but the directors expect the level of profitability acnieved in this half should be maintained through the second six months."