10 June 2015 – final results
In the year to 31 March 2015 the group reported a slight decline in revenue to £131m (2014: £137m), whilst pre-tax profits also fell to £17.5m (2014: £21.8m). These falls were largely as expected. Underlying earnings per share fell from 39.6p to 31.8p, but as a sign of the group’s confidence in the future the total dividend for the year was increased to 13.3p from 12.96p. net cash at the year end had increased to £30.om (2014: £27.8m) helped by the cash generative nature of the group’s operations. The chairman reported that the group was now seeing an improvement in demand from many customers and provided that this continues then both revenue and profits will increase this year. We continue to rate the shares as a BUY.