23 January 2019 – final results

Results for the year ended 31 October 2018 have been released.  Revenue from continuing operations was up 18.4%, increasing from £391m to £423m.  Underlying profit before tax from continuing operations was up 20.5% to £9.60m (2017: £7.97m) with basic earnings per share from continuing operations up 21.1% to 39.11p (2017: 32.29p).  Net assets as at 31 October 2018 were £91.07m, up from £85.39m a year earlier.  A final dividend of 8.95p (2017: 8.40p), takes the total for the year to 13.36p (2017: 12.60p).  Trading in the new financial year has been in line with expectations.  Overall these are sound results and this is a solid business which should continue to deliver value for shareholders over the long term.  We rate the shares as a BUY.