Company News in Brief

JO Walker & Co, the timber, wallboards and plywood importer, announced a return to profits from pounds 299,000 taxable loss previously, for the year ended 31 December. It achieved pre-tax profits of pounds 62,000 with the help of a pounds 227,000 exceptional gain from an endowment on a mortgage the company took out 25 years ago covering two directors. Overall, turnover increased 16.4 per cent from pounds 12.2m to pounds 14.2m. John Scott, the company secretary and financial controller, said timber prices were continuing to rise but he expected this would be offset by investments in more mechanised equipment, which has improved throughput at its mill. Earnings per share recovered to 7.7p (Loss 37.4p). No dividend was declared.

Holliday Chemical Holdings has had 20,558,971 new shares taken up in its recent issue of 20,783,654. The new shares not taken up have been sold into the market at 220p per share.

Dale Electric announced that out of the 9.13 million shares issued under its rights issue at 55p each to raise pounds 4.5m, 7.85 million have been taken up, representing about 86 per cent of the total issue. The remaining shares will be taken up by sub- underwriters.

Shandwick said that out of the 45.074 million shares offered in a rights issue at 45p per share, 42.83 million had been taken up, representing 95 per cent. Buyers were found for the remaining 5 per cent at a premium of 5p per share to the rights issue price.