Detailed accounts by the auditors were included with the report. These have been omitted. These pages scanned/OCRed from Les Flood's copies, as supplied by Mark Plummer.

DIRECTORS:
J.D. Copeman (Chairman)
E.J. Carnell
F.C. Copeman
L. Flood
J.B. Harris
G.A. Smart

The Directors submit their Report and Statement of Accounts for the year to 31st December, 1960.

Trading throughout the year was steady with slight increases in circulation but certain economies instituted in late 1959 became fully effective thus reducing some of the production and carriage costs. At the same time advertising revenue increased.

During the year the 100th issue of "New Worlds" was published, a milestone in British science fiction publishing, to which considerable publicity and advertising was given resulting in increased sales. "Science Fiction Adventures" continues to be popular, proving that there is a demand for an adventure-type magazine, whilst a slight change in editorial policy in "Science Fantasy" has proved successful.

Unfortunately, towards the end of the year, economic conditions in Australia brought about a restriction in the importation of all British periodicals and the Company's three publications have suffered a falling-off in sales in that area. New arrangements were made, however, for a small distribution of all three magazines throughout North America which we hope will be successful.

The profit for the year, as shown by the annexed accounts, was £777. from which has to be deducted provision for estimated liability to income tax - £126 - and deficit on profit and loss account brought forward from 1959 - £227 - leaving a balance of £424. Out of this balance the Directors have decided to pay the arrears of dividends on the 6% Cumulative Preference Shares from the date of re-organisation - 18th February, 1954 - to 31st December 1960 which will absorb £205 and leave a credit balance on profit and loss account to be carried forward to next account of £219.

The Auditors, Messrs. Myring & Bradbury, having intimated their willingness to continue in office, a resolution fixing their remuneration will be proposed.

By Order of the Board,

M. C. CROWLIE

Secretary