30 March 2011 – final results

The scientific instruments group has reported record results for 2010, with revenues of £16.om compared with £11.3m in 2009.  Pre-tax profits before exceptional items rose to £2.75m (2009: £1.57m) with earnings per share on the same basis rising to 45p (2009: 28p).  The dividend for the year was increased 50% to 7.5p (2009: 5.0p).  Net debt at the year end was £0.8m (2009 adjusted: £1.0m) even after the cash acquisition of Sircal for £1.0m.

Sircal made a healthy maiden contribution last year and the group recently enhanced its position in electron microscopy through the investment in Deben.  The new year has started well and we continue to rate the shares as a BUY.