We use Optical Character Recognition (OCR) during our scanning and processing workflow to make the content of each page searchable. You can view the automatically generated text below as well as copy and paste individual pieces of text to quote in your own work.
Text recognition is never 100% accurate. Many parts of the scanned page may not be reflected in the OCR text output, including: images, page layout, certain fonts or handwriting.
Finance.
profit at about £970,000 was equal to over 70 per cent, on the ordinary capital, which amply covered the increased dividend of 30 per cent, declared.
Chairman Sir Philip Warter was the first to openly announce that the peak in kinema attendances had passed. He also pointed out that overhead expenses were appreciably increasing with the wages bill up 25 per cent. He also referred to the offsetting factor of the repeal of E.P.T., and forecast that the results of the current year, after taxation, whilst not reaching the level of the previous year, will prove satisfactory.
P.C.T. Paid 100%
The big surprise of the year was the payment of 100 per cent, dividend for a period of 14 months by Provincial Cinematograph Theatres comparing with only 35 per cent, for the previous 12 months. Net profit of the parent company for the period was £440,112 against £263,987, and in addition the company was able to write back £150,000 for taxation provided in prior years in excess of requirements. Increase in profits is probably due to an increased yield from the further investments in associated companies referred to at the previous annual meeting.
Net profits of British & Dominions (parent concern) were up from £102,876 to £172,663. This was for a six-month period, compared with twelve months, but it included twelve months' results of the two main studio subsidiaries, Denham and Pine wood.
S. L. Bernstein, presiding at the meeting of Granada Theatres last
March, warned about fuel emergency restrictions and exceptional weather affecting receipts. He also referred to necessity, when conditions permit, to expend substantial sums on redecoration, refurnishing, and reequipping theatres, but that provision had been made in accounts to meet these costs.
Overseas
Irish Cinemas, which are managed by Odeon (Ireland), Ltd., which company owns over half the issued ordinary capital of £200,000, sold £300,000 of 4 per cent. First Debenture Stock at £102 in June, giving preferential consideration to shareholders and employees.
The company's five kinemas were valued in December, 1945, at £896,314. The debentures were used to repay bank loan, leaving £96,500 to carry out modernisation and reequipment of certain properties. Value of the net assets was given at £863,138, sufficient to cover the principal of the debenture stock nearly three times, while interest, based on the average profits for the last three years, was covered over four times.
KiIlemas, Redemption
Report of Kinemas, Ltd., for 1946 stated that since the end of the financial year African Consolidated Theatres, had purchased properties owned by the subsidiary companies of Kinemas which enabled the company to redeem its 5 J per cent, debenture stock amounting to £380,522 at £104 per cent.
In the same group, African Theatres continue to stride ahead, the net profit of over £300,000 being