26 June 2018 – final results
The company has released final results for the year ended 31 March 2018. Revenues were £20.09m (2017: £17.67m), a 13.7% increase on the previous year and an 18.5% increase in constant currency terms. Adjusted profit before tax was £5.15m (2017: £4.22m). Adjusted fully diluted earnings per share were 11.01p (2017: 9.97p). The groupis highly cash generative but due to the stronger second half weighting, net cash reserves were £3.85m at the period end, down from £5.09m a year earlier. Total net assets at the end of the year were £20.99m versus £17.55m as at 31 March 2017. The group remains committed to a progressive dividend policy, whilst balancing its investments for future growth. It is the intention to declare future dividends based on overall performance, with appropriate cover seen as being in the range of 3-4 times. A final dividend of 1.875p per share has been declared and payment will be on 14 September following and ex-dividend date of 9 August. This takes the total payment for the year to 2.5p per share (2017: 2.25p). We continue to rate the shares as a BUY.