30 August 2019 – final results

Results for the year ended 30 April 2019 have been released.  Revenue was £460m versus £400m a year earlier.  Profit after tax was £13.4m (2018: £14.3m) and earnings per share slipped from 14.3p to 13.2p.  Total dividends were increased to 9.7p (2018: 8.4p) and cash generated from operations increased from £24.5m to £28.3m.  On the face of it the results are slightly disappointing but the long term potential for the business remains strong.  On balance the shares remain a BUY.