28 June 2011 – final results

Results for the year ended 31 March have been released.   Revenue was up 13% to £29.3m (2010: £25.9m) and profit before amortisation and taxation, adjusted for minority interest was £6.5m (2010: £6.6m), broadly in line with expectations.  Adjusted earnings per share were 24.8p (2010: 26.3p).  A final dividend of 7.0p per share was declared, making 10.0p per share for the year (2010: 9.5p).

There was a strong cash position of £5.0m (2010: £4.3m) with no debt and the balance sheet is in good shape.  The company is in an upbeat mood and has noted that its global expansion is going well, with progress in Singapore particularly pleasing.  We rate the shares as a BUY.