8 April 2014 – final results
The industrial services and rental company has announced final results for the year to 31 December which haver shown a 22% jump in revenues to £37.6m, with pre-tax profits before exceptional items also increasing by 22% to £6.0m. Earnings per share on the same basis were over 19% ahead at 28.7p, whilst the total dividend for the year was raised by almost 9% to 5.9p. Gearing at the year end had fallen to 31.5% from 44.3% a year earlier.
During the year the group raised £6.1m through a successful placing of new shares and the two acquisitions completed during the year are integrating well. The group continues to invest in its hire fleet and rental levels in Europe were at similar levels to 2012 despite tough trading conditions. The group continues to expand in the Middle East and Far East and an expansion of production capacity in the UK should facilitate further growth. The first quarter of 2014 has seen good levels of trading and the group now has a larger and more balanced hire fleet. Operating cash flow remains strong and further acquisitions are being considered. We continue to rate the shares as a BUY.