Al. Harvey Profit Up 17 p.c. To New Peak

Press, Volume CVI, Issue 31093, 23 June 1966, Page 17

Al. Harvey Profit Up 17 p.c. To New Peak

The lift of 16.9 per cent in consolidated net profit—to the ninth successive peak—in the year to March 31 took the earning rate on funds of Alex Harvey and Sons, Auckland manufacturer, up from 12.9 to 14.0 per cent. At £587.340, the profit compares with £502,580 the previous year. It was achieved after record sales that produced a trading profit £409,536 higher at £2,984,057 in spite of a rise

of £279,746 in expenses, to £1,509,378. The net result was struck after providing £32,480 more for depreciation and plant obsolescence at £371,624 and £15,990 more for tax at £538,418. The directors say that in assessing the tax provision full advantage was taken of investment allowances.

As announced, the ordinary dividend is 11 per cent. This requires £277,629, compared with £254,193 last year when the total payment was equal to 10.07 per cent on capital raised by the two-for-five bonus issue. The chairman (Mr I. A. Harvey) says in his annual report that although planning has been made difficult by the import restrictions, which have severely cut two major raw materials, it is hoped that sufficient supplies will be available for the current year.

Record Sales For Clyde (N.Z. Press Association) WELLINGTON, June 22. Directors of Clyde Engineering, Lower Hutt-based heavy machinery Importer and distributor, have announced that after a year of record sales the audited net tax paidprofit is £95,255, compared with £33,982 last year. They recommend final ordinary dividend of 4 per cent, making 8 per cent, and 2} per cent preference, making 5 per cent the year to March 31.