Bunting Profit Rises 22.7 p.c.

Press, Volume CVI, Issue 31081, 9 June 1966, Page 21

Bunting Profit Rises 22.7 p.c.

Consolidated net tax-paid profit of Bunting and Company, Christchurch brushware and plastics manufacturers, rose by £16,156 —or 22.7 per cent—to a new peak of £87,534 in the year to February 28.

The profit was reached after providing £396 more for depreciation at £27,643 and £15,222 more for tax at £83,088. It represents 19.0 per cent on steady capital of £459,886, against 15.5 per cent last year, and 12.5 per cent on shareholders’ funds.

As already reported, dividend has been raised from 9 to 10 per cent and requires £45,988. It is covered 1.9 times by the profit After the dividend equalisation reserve receives £lO,OOO

and £20,000 is transferred to general reserve carry-forward is £69,030 against £59,384 brought in. The ct lirman (Mr W. G. V. Fernie) says that presentation of the company’s brushware was improved during the year and sales were well held. Any future expansion in production and sales of brushware will now be governed by the availability of import licences for raw materials, he adds.

Replacement of plant was again carried out, enabling the company to adopt the latest techniques, with distinct advantage to production potential. Shareholders’ Funds The consolidated balancesheet shows shaheholders’ funds up from £659,597 to £699,740, of which capital accounts for £459,886 (a 1 ’ ordinary). Working capital improved by £lO,OOO to £365,007 with current liabilities £9301 lower at £216,001 and current assets £594 higher at £581,008. Among current items, stocks rose £7601 to £442,257, debtors were £2478 lower at £122,477. Money out on deposit declined by £5OOO to £15,000. Capital Increase Trade creditors fell £18,194 to £70,435 and overdraft was £4217 lower at £34,885. Fixed assets (net of a £30,525 mortgage) rose from £291,049 to £321,237. Land and buildings are in the books at £226,982 with a Government valuation of £279,425. Shareholders will be asked at the annual meeting on June 22 to approve an increase in nominal capital by £500,000 to £1,000,000.