23 March 2011 – final results

Figures for 2010 were very pleasing, with basic earnings per share rising from 0.12p to 1.14p. Total dividends for the year were lifted by 20% to 0.36p. The most interesting feature of the company in our view is the high level of net cash held. Cash balances rose from £13.4m to £13.9m and even net of a trading facility with LV=, which will be fully repaid by May 2012, cash balances were £11m versus £9m a year earlier. Clearly this provides strong support to the current share price and the shares must rank as a BUY.