17 April 2018 – results
In the year to 31 December 2017, group revenue increased to £78.3m (2016: £53.8m) with the significant increase largely due to acquisitions with six being made throughout the year. Adjusted pre-tax profits rose to £8.5m (2016: £6.8m) although earnings per share fell slightly to 9.69p (2016: 10.17p) due to an increase in the number of shares in issue. Net debt at the year end was a little higher at £14.9m (2016: £13.1m). The dividend for the year was increased to 5.78p (2016: 5.51p). These are clearly good results and further progress is likely in the current year.
The group has also issued a trading statement covering the first three months of 2018 and this has revealed that revenues are up by over 51% to £26.5m (2017: £17.5m) as the acquisitions made last year begin to contribute. Net debt at the end of March had risen to £18.4m reflecting the initial payment for the acquisition of Balu to which we referred last month. This is in line with expectations. Although the shares are not as cheap as they were, prospects for the company remain good and the shares remain ATTRACTIVE.