25 July 2018 – final results
In the year to 30 April, the group increased revenues for the fifth successive year with this rising to £103.9m (2017: £94.1m) whilst underlying pre-tax profit fell back to £10.6m (2017: £11.1m). Earnings per share on the same basis were 10.6p (2017: 12.1p) although the dividend per share was raised by 42.3% to 3.7p (2017: 2.6p). The company suffered from the very poor weather conditions in the early part of the year as well as from the collapse of Carillion and recovery so far has been pretty slow. Nevertheless, this is largely accounted for in the low share price and we therefore retain our recommendation of BUY.