13 June 2017 – final results
Results for the year ended 31 March 2017 have been released. Profit before tax was £12.4m (2016: £11.9m). There was a 5.1% increase in billings to £404.5m (2016: £385.0m). The final dividend is 1.95p per share (2016: 1.90p) making a total for the year of 2.90p per share (2016: 2.75p). Total cash balances peaked at £217m (2016: £206m). The year end cash balance was £31.4m (2016: £28.8m) with a further £83.0m (2016: £75.2m) of monies held in trust. Taking this into account, the shares look inexpensive. BUY.