SUCKLING BROTHERS

Press, Volume CV, Issue 31004, 9 March 1966, Page 17

SUCKLING BROTHERS

Net Profit £29,457 First consolidated accounts of Suckling Brothers, Christchurch shoe manufacturers, show net profit of £29,457 in the year to January 19. Last year profit rose 72 per cent to £31,445, but because of consolidation latest figures are not comparable. Latest result is after £14,355 depreciation and £27,613 for taxation. Ordinary dividend of 9 per cent requires £20,502 and this is covered 1.43 times by profit. Earning rate is 7.5 per cent on shareholders’ funds of £393,830 and 12.9 per cent on paid up capital of £227,803. During the year the balance of the shares in Canterbury Shoe Company was acquired. This was done partly by cash and partly by the exchange of shares. Paid capital was lifted by £5580. Regent Footwear In July last year the company subscribed 37) per cent of the capital in Regent Footwear. This was a company formed in conjunction with Norvic Footwear to buy the stock and plant of the footwear division of Ross and Glendinitng as a going concern. Directors say they are confident of the soundness and profitability of the investment and the company has already started earning profits. Figures for the Canterbury Shoe Company are from March 1 last year to January 19 this year. Latest result of £29,457 is after an adjustment of £l2Bl pre-acquisition profits by the subsidiary.