Company Meeting

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PYE OF CAMBRIDGE LTD.

- R Y

A RECORD YEAR

EXPANSION PLANS COMING TO FRUITION

DIVISIONAL ACTIVITIES AND NEW

PROJECTS REVIEWED

MR. C. 0. STANLEY ON A PERIOD OF GROWTH

AT HOME AND OVERSEAS

Tho AoNUAL GENERIL MEETING of PYO of Cambridge Limited was held on October 7 in London, Maf. C. 0. STANLEY, C.B.E., LLD., F.C.G.I. (Chairman and Managiing Director) presiding.

The following Is an extract from his circulated statement:

It is a pleasure to write my chairman's spee-h this year in view of the fact that the many things I forecast last year have all come true.

Pye has had a record year. What I said last year was that the real improvement in ouir figures would not take place until 1964/ 65 It is a great pleasure, therefore, to my colleagues and to me to be able to report good nows about our operations-one year earlier than we expected. This, however, is only part of the story. The real issue is not what we have done but what we can do in the future.

The plans we made several years ago envisagedJ the building up of new businesses to be assoeiated with the work we had been doing during the war and in the immediate post-war era. We realized that until we could develop interests which would explolt t;he technical kn,owledge," kno w-how" and ability of every part of our orSanizaticon, we would not have done justice to the potentialities inherent in the business. Tlis recognition of what the Pye coxn-pany might become led to the use of the eXpreSston, the Pye Gkroup.

We recognized that this expansion must not only be a technsical one deponding on the most cfficient ongineering production, out it must also be a geographical expansion spreadng ourt operatons to as many sountries as was economic and possible. we are only now beginning to see the results of this plan bearing fruit, but between times we have had many setbacks -the Piblkington affair the ups and downs of financial restrictions, the Common Market fiasco-but despite all these we are completely convinced that the growth potential of this business, except for having been detayed tor a few Years, is siorking out very closely to the original plan.

DIv,isional A^ctivities

I would now like to review the various divislons in the Gropa. The first is the Instrwment Divisonwthis is now made up of 10 different cotnpanies and there was a substantial improvement both in urnover and protit i-n practically all of them. The leading ones are taking part in the great Australiau Exhibition at Sydney and

havin Cnese Exhibition at Peking. It is hoped that these activities will beneficially affect our future profits.

sOMMUmnCATIONS DIVISION.-This group comprises ontmunications companies, aur Telephone operations...