29 March 2012- final results

For the year to 31 December, the group has reported yet another record set of results with revenues of £21m (2010: £16m) producing pre-tax profits before exceptional items of £3.95m (2010: £2.75m).  Earnings per share on the same basis rose to 61p (2010: 45p) and the dividend was raised to 10p (2010: 7.5p).  These results have benefited from both organic growth as well as the acquisition of Deben last March.  Despite the acquisition of the latter for cash, the group ended the year with net debt of £0.7m although by the end of February 2012, the group had moved into a net cash position. 

This is the sixth consecutive year that the group has reported record results and the current year has started with good order book visibility.  With profits in the current year likely to rise to £4.7m for earnings per share of 75p we continue to rate the shares as a BUY.