4 December 2012 – final results
The year to 30 September has seen the group generate record revenue of £30.4m (2011: £23.1m) whilst pre-tax profits have risen to £1.8m (2011: £0.6m). Earnings per share adjusted for acquisition costs and related amortisation were 12.5p (2011: 6.2p) and the dividend was raised to 7.5p (2011: 7.2p). Net funds at the year end were £2.7m (2011: £2.9m) after spending £0.8m on deferred consideration. After the strong recovery seen in the Cylinder Divison last year, growth is likely to moderate this year although Engineered Products should deliver further growth. The smallest division, Alternative Energy, looks set for major growth in 2013. All in all, the group looks set to make further progress in the current financial year and we rate the shares as a BUY.