Below is the A. C. W. Limited Report and Balance Sheet for Year ended 31st January 1966.

The chairman’s report for the year ending January 31, 1966, highlighted significant changes, including the successful replanning and installation of new machinery in the entire factory. Sales had reached record levels and were expected to continue positively barring unforeseen political or economic challenges. Negotiations were underway for reorganizing arrangements with Daniel Montgomery and Son Limited, with proposals to be presented to shareholders at an extraordinary general meeting in the future. A final dividend of 7½% was recommended, reflecting the successful year.

The period under review is the year to 31st of January, 1966 and during this time the changes which I indicated last year have taken place, our entire factory has been replanned and the new machinery successfully installed, and we are pleased to say that this has been working steadily and successfully for the past six months.

Our sales have been at a record level and this is being maintained and in the absence of any unforeseen political or economic difficulties a further year’s progress is envisaged.

Negotiations are meantime taking place with a view to reorganising the existing arrangements between this company and Daniel Montgomery and Son Limited. Shareholders will be advised of the Directors’ proposals as soon as these have been adjusted and your approval will be sought at an extraordinary general meeting of the company to be held in due course. At the moment I am advised that the company is a close company in terms of the Finance Act 1965, but it is intended to alter that status as soon as possible or at any rate after reorganisation. 

This year our staff have been unstinting in their efforts to ensure that our reorganisation and replanning have taken place smoothly and the Board of Directors acknowledge the splendid cooperation which has been given to them by the Executive Staff and Employees.

We are pleased to recommend a final dividend of 7½% which together with the interim 5% already paid, reflects the success of the year under survey.

JOHN SCOTT,
Chairman

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