Report of the Directors for the Penarth Ship Building & Ship Repairing Company, Limited during the year ended 31st December 1906. [001]

The statement of the directors provides a glimse into the deteriorating financial position of the company: 'The Directors regret that although the Working for the year has resulted in a Profit, they cannot recommend the payment of a Dividend.' I could imagine that the shareholders would have been fairly vocal about the performance of the Company and applied pressure to the Directors to produce a plan, for investment in new plant and premises, in order to bring the Company back to its former profitable condition.