7 July 2011 – final results

The group has announced its final results for the year to 31 March showing turnover up by 74% to £26.6m (2010: £15.3m) with the increase due to acquisitions that have been made.  Gross margins also improved significantly from the previous year.  However, at the pre-tax level the group incurred a statutory loss of £1.38m (2010: loss of although  £4.90m).  Adjusting for exceptional costs, the group made a pre-tax profit of £707,000 (2010: loss of £1.63m) for earnings per share of 0.36p (2010: loss of 0.96p).  Net debt at the year end was £2.7m reflecting the acquisitions that have been made.  The group now has nationwide capacity to deliver building services although trading conditions remain very difficult.  First half performance in the current year will therefore be adversely affected although the group is hoping for better trading conditions later on.  Regular readers will know that we have been followers of the company for some time and the shares remain a LONG TERM BUY.