27 June 2014 – final results
In the year to 31 March 2014, the group has reported revenues of £41.7m, the same as the previous year, although pre-tax profit before exceptional items rose to £2.66m (2013: £1.01m). Underlying earnings per share rose to 1.90p (2013: 0.59p). The group has increased its profit margins due to more efficient operating practices and the launch of new product ranges, while the order intake rose by almost 14% during the year. Net debt of £5.3m meant that gearing at the year end was 23.5% at the end of the year. Although the group is considering strategic acquisitions, further organic growth is also expected and we maintain our recommendation of BUY.