1 March 2011 – final results

In the year to 31 December revenues were similar to the previous year at £225.4m (2009: £226.9m), whilst pre-tax profits before exceptional items was £13.1m (2009: £13.9m).  Earnings per share on the same basis were 5.94p (2009: 19.16p), with the large decline due to the increase in shares in issue following the equity issue in December 2009, and the total dividend for the year was reduced to 1.0p (2009: 1.6p) although the final dividend was increased, thus showing some confidence in the future of the group.  Strong cash flow meant that net debt reduced to £140.3m (2009: £182.1m) and a further decline in debt is expected in 2011.  Clearly this is a cyclical business, with the company being the European market leader in the rental of powered access equipment, but the group is well-placed to benefit from economic recovery and has a strong market position.  The shares have LONG TERM RECOVERY ATTRACTIONS.