7 June 2011 – final results

Final results have been released for the year ended 31 March 2011. Although turnover increased by 22.4% to £24.28m (2010: £19.83m) profit before tax slipped from £4.03m to £3.02m. Nevertheless, this still translates into basic earnings per share pre-exceptional costs of 9.06p (2010: 12.68p). Total dividends for the year were 5.65p (2010: 5.50p), which translates into a yield of over 6% and should provide support. We continue to watch closely as there is strong potential but for now keep the shares as a HOLD.