10 March 2015 – final results
The electronics and technology group has announced solid results for 2014, with revenues declining slightly to £41.7m (2013: £42.2m) due to lower sales in the Integrated EMS division where the business exited a number of low margin accounts. Turnover at the Technology products division grew by 60% helped by the acquisition of SUW with like-for-like sales up over 17%. Adjusted pre-tax profits increased by 45% to £2.7m (2013: £1.9m), with earnings per share on the same basis up 47% to 7.8p (2013: 5.3p). The dividend for the year was up 75% at 2.1p (2013: 1.2p) and the group ended the year with net debt of £4.9m (2013: £0.2m) but this was after paying out £5m in cash as part of the consideration for SUW last July. The current year has started well with the order book and revenues ahead of last year – pre-tax profits are expected to rise to around £4.0m on 2015 for earnings per share of 9.6p. Despite the rise in the share price over recent months the shares remain ATTRACTIVE