27 March 2018 – final results
Final results for the year ended 27 January 2018 have been released, in line with expectations following recent trading updates. Revenue, excluding VAT, was up 3.0% on the previous year at £131.8m. Profit before tax was £6.7m (2017: £7.1m). Gross margin was 1.5% lower at 59.8%, due mainly to the impact of the weaker pound. Basic earnings per share were 5.33p (2017: 5.51p). A final dividend of 1.97p means the total dividend for the year is 4.00p (2017: 5.89p). The business continues to be cash generative and the cash position at the year end was £17.5m (28 January 2017: £19.5m). We feel that challenges faced by the business are fully priced in and rate the shares as a BUY.