6 June 2017 – final results
In the year to 31 March, group revenues were flat at £14.3m (2016: £14.3m) whilst pre-tax profits before exceptional items rose to £2.41m (2016: £2.28m). Earnings per share on the same basis were up to 7.30p (2016: 6.38p) and the dividend for the year was maintained at 5.7p. The group ended the year with net cash balances of £3.45m (2016: £2.01m). These were solid results which have benefitted from the high level of recurring revenues which are 85% of the total (2016: 83%), whilst gross margins also remained constant at around 70%. A positive statement bodes well for the future and although growth is likely to only be steady the shares are underpinned by the strong balance sheet and attractive dividend yield of 5.2%. The shares are a BUY FOR INCOME.