Rank interim profit down
The higher tax provision, lower yield from interest on uncommitted funds, and the investment in Wormaid Safety were reasons for Rank Group’s lower result, Rank’s directors said. In a statement to the Stock Exchange yesterday, they said that there had been two sources of income — Wormaid Safety and interest on uncommitted funds. The total result, down 40.3 per cent to $385,000 in the six months ended September 30, was not strictly comparable
with the previous correspondmg period because of changes in investment. Since balance date, Rank has announced that it has bought the Government Printing Office f or $23 million. Shareholders’ funds stood a* $8.093M, including naid-un capital of $7.562M. Workine capital totalled $7.515M, giving a current ratio of 6.1\ 0 one. Fixed assets were $578,000 and there were no term liabilities.
Rank Group unaudited result for six months ended September 30 1989 1988 Change Gross revenue ($000) ($000) % 4140 1518 073 Pre-tax profit 574 701 —18.1 Taxation 189 55 0344 Group net profit 385 645 -40.3 Extraordinaries __ Total profit 385 645 -40.3
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Press, 29 December 1989, Page 25
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177Rank interim profit down Press, 29 December 1989, Page 25
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