B.M.C. Double Trading Gains
FROM OUR CITY EDITOR
Boom conditions in the motor industry are reflected in the accounts of Britain’s biggest car maker, the British Motor Corporation. Trading profits more than doubled to £21,970,470 in the year to the end of last July. This compares with £10,083,043 a year earlier. That the board, headed by Mr George Harriman, are maintaining the dividend total at 1s. on each Ss. share, will not however occasion surprise in the City as the payment was less than half covered by earnings last year. The balance was met out of accumulated reserves.
Record production of 748,470 vehicles in the company’s financial year was announced at the beginning of August. Cheerful results had been expected in market quarters and the shares rose yesterday by 8-25d. to a new 1963 peak of 18s. 18-25d.