18 October 2016 – final results

The utility cost management company has issued its annual results to 31 July which have revealed a 22% increase in revenues to £84.4m (2015: £69.1m), whilst adjusted pre-tax profit was 7% higher at £17.8m (2015: £16.7m).   Earnings per share on the same basis were 3% higher at 18.5p (2015: 17.9p) and the dividend for the year was raised by 30% to 6.5p (2015: 5.0p).  Net debt at the year end had fallen to £0.2m (2015: £6.7m) helped by an improvement in cash flow.  These are clearly very impressive results and the new financial year has started in a positive manner.  The group has a strong shareholder base with some leading institutions (including Woodford) holding shares.  With the shares standing on a very low prospective p/e ratio of under 6x the shares are CHEAP.