14 July 1995

Profit at Scottish Pride

SCOTTISH Pride, Scotlands biggest milk retailer, made a profit of £730,000 in the year to Apr 1, 1995 compared with a loss of £2.8m in the previous financial year. Turnover fell slightly, to £164.1m.

Most of the turnaround took place since vesting day on Nov 1, when the company became fully divorced from the Scottish MMB.

Bank borrowings have been reduced by £3.2m to £11.2m, and shareholder funds stand at £16.7m. Earnings per share, at 2.73p, compare with a loss of more than 10p last year.

No dividend is proposed until the company is on a firm commercial footing. In his annual report, chairman Lord Sanderson warns of a difficult market with fierce competition for supermarket business.

He says the company has made a good start to the new financial year. Lord Sanderson received fees of £14,000, while chief executive Jim Hosea was paid £146,000 and a performance related bonus of £100,000.

The annual meeting will be held in Glasgow on Fri, July 28.