12 April 2012 – final results

Revenue for the year ended 31 January 2012 was up 29% at £64.3m (2011: £50.0m).  Operating profit before non-recurring or special items was £5.0m (2011: £5.3m) and adjusted earnings per share on the same basis were 3.33p (2011: 4.20p).  The final dividend of 0.56p took the total for the year to 0.83p, a 3.8% increase on the previous year.

The figures include a full year’s contribution from Hartest, acquired in September 2010.  Nevertheless, the increase in revenue is still pleasing given underlying trading conditions and we believe that at the current share price a BUY rating is justified.