6 June 2018 – final results
The specialist tube group has announced its results for the year to 31 March and, as expected, these have shown a 20% increase in revenues to £22.2m (2017: £18.5m) whilst adjusted pre-tax profits rose to £827k (2017: £230k). Earnings per share on the same basis emerged at 2.65p (2017: 0.72p) but no dividend was declared. Strong cash flow at the group allowed net debt to fall to £3.0m (2017: £3.5m). These results benefitted from buoyant end markets and new business wins and this strong momentum is expected to continue in the new financial year. A confident statement from the chairman bodes well and despite the recent rise in the share price we believe that the shares remain a BUY.