9 June 2010 – final results

Annual results to 31 March have shown a 4% increase in turnover to £19.8m, with recurring revenues now accounting for 84% of this.  The last year was difficult for the group though, with tough trading conditions in the pub sector, whilst it took longer to absorb recent acquisitions.  As a result, profit before tax fell to £4.04m (2009: £4.62m) and earnings per share declined to 10.9p (2009: 13.6p), with the latter being impacted by the increase in the number of shares in issue following the placing last December.  The total dividend was raised to 5.5p (2009: 5.35p) and at the year end the group had net cash of £3.9m.  The group believes that it can grow organically as well as by selective acquisition in the coming year and the shares remain ATTRACIVE.