MONEY MATTERS
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Good Company Resul.
• ighten Gloom
HE announcement of some good company results I helped to brighten the gloom of stock markets during the past week. F. W. WHEATLEY (TRAILERS) made their debut on the Stock Exchange last February. The company now announces that for the year ended October 31 last, net profit improved to £17,002 from £15,637 the previous year. At the time of their introduction to the market the directors forecast a dividend of I71%. The board now recommends a payment of 20%. There was also good news for the shareholders of PEPPERS MOTOR GROUP. For the year ended September 30 last, group pre-tax profits soared by about one third to 1111,384 (03,721). Out of these higher earnings the directors recommend a dividend of 30%. This is 5% more than was paid in respect of the previous year. The Is. Ordinary shares of this progressive company are quoted on the Birmingham Stock Exchange. At around their present price of 4s. 4111. they yield a useful 61% based on the latest dividend.
UNITED TRANSPORT COMPANY announce that the interim dividend is being maintained at 6%, payable on a capital made larger by a one-for-four scrip issue. In the interim statement the directors estimate that the results for the current trading year will show an improvement over those for the previous year. Given this satisfactory state of affairs the board intends to maintain
the final dividend at 9%. Thus the year's total distribution at 15% would compare with the equivalent of 12% paid in respect of 1963. At this stage, however, the board is not in a position to forecast the repealing of the 21% capital bonus, a bonus, I would add, which has been paid alongside the final dividend during each of the past three years.
A satisfactory increase in turnover for the six months ended September 30 last was reported by CAFFYNS. This totalled 15-25m. compared with £518m. during the same s:x months last year. Trading profits for the six months were £300,242 against £280,479. While the directors consider that an increase of 1% to 6% in the interim dividend (reported a month ago) is fully justified by these figures, it does not necessarily mean that the total for the year will be raised.
Arrangements are proceeding for the placing (through Gwent and West of England Enterprises) of the Ordinary shares of Is. each of T. COWIE. Th:s company of motor vehicle dealers operates in the north of England and also serves parts of Scotland. The placing price is expected to be 4s. 3d. per share. For the year ended September 30 last pre-tax profits amountedto £206,000. In respect of the current trading year the directors hope to pay a dividend of 25%. Martin Younger