21st Century Technology – 14.875p

2 April 2013 – final results

The group, which supplies CCTV and vehicle monitoring systems, has announced impressive results for 2012 with pre-tax profits on continuing operations rising by 24% to £1.8m (2011: £1.5m) on same again revenues of £14.0m.  Earnings per share were 14% higher at 1.45p (2011: 1.27p) and the company proposes to pay a maiden dividend of 0.7p per share.  The group had net cash at the year-end of £1.7m (2011: £2.8m) but that was after a distribution of £3.3m to shareholders last July following the sale of a freehold property in January 2012.  However, cash at the bank has now risen to £2.75m hence the payment of a dividend.  The group has made a strong start to 2013 and has a growing pipeline of business which is second-half weighted.  The group’s expansion into Europe continues and it now operates in 8 countries. We re-iterate our recommendation of BUY.

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