10 July 2019 – final results

Results for the year ended 30 March 2019 have been released.  Revenue from continuing operations up 1.9% to US$65.2m (2018: US$63.9m).  Gross margin was better at 36.1% (2018: 33.7%), meaning that underlying pre-tax was profit up to US$4.1m (2018: US$0.6m) and encouragingly the group order book was up 6.5%.  In view of this improved performance, with underlying basic earnings from continuing operations before adjusting items and related taxation jumping from 1.03c to 3.53c, a final dividend of 0.5p per share has been declared.  The company has clearly made some very encouraging progress and this does not appear to have been priced in fully.  We rate the shares as a BUY.