1 March 2012 – final results

Results for 2011 have been released.  Turnover was £208.3m versus £193.2m a year earlier.  After exceptional items profit after tax was £4.1m (2010: £4.4m) and basic earnings per share were 2.96p (2010: 3.20p).  Adjusted earnings per share jumped 47.5% to 4.41p (2010: 2.99p).  A final dividend of 1.0p per share brings the total to 1.5p, a year-on-year increase of 16%.

The results are solid and reflect strong operating performance.  We believe there are good prospects for shareholder value to be created over the longer term.  Nevertheless, acquisitions pushed net debt from £15.8m to £22.7m during 2011 and the shares are by no means risk free.  At the current level, TAKE PROFITS.