2 September 2014 – final results
The premium building and engineering products group has announced its results for the year to 30 June which are the best for five years. Although revenues declined slightly to £113.4m (2013: £116.8m), underlying pre-tax profits rose to £6.3m (2013: £5.9m) with earnings per share on the same basis increasing to 13.3p (2013: 12.3p). The dividend is increased to 5.0p (2013: 4.5p) and net debt is the same as the previous year at £7.7m despite the reversal of payment in advance on construction contracts reflecting strong operating cash flows. These results reflect underlying revenue growth in building products at improved margins, a reduction in losses in engineering products and lower interest costs due to strong cash flows and a lower average level of debt. The company is well placed for further growth and the shares remain a BUY.