21 March 2013 – final results
Results for the year to 31 December 2012 revealed revenues of £39.5m (2011: £42.3m) due to a reduction in low margin resale activity and foreign exchange movements, as flagged up previously. Adjusted operating profit before tax was £2.7m, up 13% on 2011. Adjusted basic earnings per share were 7.1p (2011: 6.8p) and basic earnings per share was 5.7p (2011: 6.1p). Net cash was £1.2m at the year end and a final dividend of 0.92p per share takes the total for the year to 1.32p (2011: 1.21p). On balance the shares do not look expensive and we maintain our BUY rating.