Merrydown passes on payout

Merrydown, the struggling Sussex cider manufacturer, passed its final dividend yesterday, leaving a 1p total for the year to March. The cut in the payment, the second in two years, followed a loss of pounds 1.85m as stock write-downs and reorganisation costs wiped out already lower profits. The shares, which have fallen from over 400p in 1990, closed 2p lower at 79p.

Investment Column, page 18