1 September 2016 – final results
The industrial products group has announced its results for the year ending on 2 April and these have shown that revenues increased by 3% to £45.3m (2015: £43.8m) although underlying pre-tax profit fell to £1.48m (2015: £2.01m). Earnings per share on the same basis fell to 1.69p (2015: 2.09p). At the end of the year net debt stood at £13.9m (2015: £10.8m) although the increase was largely due to the acquisition of the remaining 20% of TYKMA and investment in new facilities and products. Since the year end the group has disposed of its Letchworth premises for £2m and also renegotiated its banking facilities with additional headroom now available to fund future expansion. The group continues to operate in challenging markets and trading in the new financial year has been in line with expectations. The group continues to restructure its operations and the benefits of these actions should eventually flow through to a better financial performance. Although shareholders may need to be patient the shares remain a LONG TERM BUY.