21 June 2011 – final results

A very solid set of figures has been posted for the year ended 31 March 2011.  Revenue increased by 11% to £67.8m (2010: £61.3m), up 7% on a like-for-like basis.  Headline profit before tax rose by 1% to £10.4m (2010: £10.3m) with reported earnings per share jumping from 4.97p to 9.41p per share on a diluted basis.

Operating cash flow was strong and this, along with the sale of DLKW Group allowed net debt to be slashed by £25m to £0.05m.  Dividends for the year were up 200% at 3.0p per share (2010: 1.0p).  Overall we remain pleased with progress and although the share price has risen we keep our BUY rating.