Quill Morris Net Profit Declines

Press, Volume CVI, Issue 31087, 16 June 1966, Page 19

Quill Morris Net Profit Declines

Consolidated tax-paid profit of Quill, Morris, Christchurch wine and spirit merchant, fell £4946—0r 21.9 per cent—to £17,609 in the year to March 31.

This was after depreciation, £lll4 higher at £4479, and

tax, £1232 lower at £15,948. Profit is lower mainly because £5500 has been charged to repairs and maintenance as part of the cost of the new drive-in liquor store. Recommended final dividend of 7} per cent takes £8437 compared with £7500 last year. Total dividend is unchanged at 12J per cent and requires £14,062 against £12,500. Earning rate on capital is 15.7 per cent—down from 20 per cent—and profit yields 7.8 per cent on shareholders’ funds, compared with 10.2 per cent. Carry-forward of £32,685 is

£4453 tower than the £37,138 brought in from last year. Shareholders’ funds are £224,696 —an Increase of £4485. During the year £BOOO was transferred to revenue reserves. Fixed assets are up from £37,348 to £42,540, and investments and advances up £11,911 to £101,970. Current assets are down £10,924 to £l3o,6o3—mainly because of a reduction of £20,011 in debtors, while current liabilities are £12,618 lower at £80,186. Import licensing is the greatest single factor restricting expansion of business, the chairman (Mr F| S. Taylor) says in his report. “Perhaps there is no satisfactory solution but some means of stabilising the quantum of licences must be found. “We cannot budget, plan, expand or control overheads When every few years or so we are suddenly faced with severe cuts,” he adds.