8 May 2012 – final results

A solid set of results for 2011 has been released, adding to the disappointment that the company looks certain to be taken private at 230p per share.  Sales in the 12 months to 31 December were up 8.9% to £20.3m and pre-tax profit prior to share based payment deductions was £1.09m (2010: £1.03m).  Basic earnings per share were 31.94p (2010: 29.28p).  Despite this performance, there appears to be very little prospect of an improved offer.  We see no option but to ACCEPT THE OFFER.