BYCROFT. LIMITED

Wanganui Chronicle, Volume 80, Issue 109, 11 May 1938, Page 11

BYCROFT. LIMITED

• DII IDEND RATE UNCHANGED. A small increase in net profit and the maintenance of the dividend at 8 per cent, per annum are features of the accounts of Bycroft Ltd., flourmillers and biscuit manufacturers, Auckland, for the year ended March 31. Net earnings, after provision for income tax, depreciation and bad debts, were £10,566, an increase of £250 over those of the previous year. The directors recommend a final ; dividend of 4 per cent., an interim dis- * tribution of a similar amount having ( been made in November. The report states that during the period, operations in the new biscuit factory were commenced, and the demand for the company’s products was greater than ever, a recognition which justified the directors’ anticipations. Further addition to the company's equipment, in completion of their planning, was being made. The flour-milling plant appeared to return all possible under the wheat and flour regulations covering millers’ operations. The directors were pleased to acknowledge a favourable response by the Minister to a request for some modification of the margin I originally allowed to the trade. The taxation provision, as well as the higher wages and fewer hours of work, made the directors’ watchword of efficiency a very real thing. The total of assets is lower by £16,000 at £231,497. Movements mainly reflect adjustments brought about' by the extension of the company’s factory. Cash items which have disappeared in the current accounts last year included £19.892 in the bank and £13,106 on fixed deposit. Gross trading profits were £58,734. against £47,975 a year ago, and expenses were £48,590, against £38,645.