31 May 2012 – final results

As asnticipated, AEC Education returned to profitability in 2011.  Revenue was £19.1m (2010: £18.1m) and pre-tax profit of £360k was generated even after £526k of one-off costs.  In 2010 a pre-tax loss of £439k was recorded.  Earnings per share were 0.73p (2010: loss per share 0.85p).  With net cash rising by 23% to £3.81m a full and final dividend of 0.20p (2010: 0.20p) is certainly not stretching resources.  We rate the shares as a BUY.