29 August 2012 – final results
The specialist pensions consultancy and wealth management business has reported solid results for the year to 31 May with revenue up by 33.3% to £20.48m (2011: £15.36m) whilst adjusted pre-tax profit was up 2.2% at £5.06m (2011: £4.95m). Earnings per share on the same basis were up 4.0% at 22.02p (2011: 21.17p) and the total dividend was raised by 12.1% to 5.55p (2011: 4.95p). Net cash at the end of the period was £5.14m (2011: £4.61m). The year saw strong growth in assets under administration and advice as these rose by 31.3% to £3.02bn (2011: £2.30bn), helped by the acquisition of Kudos last August. The group is well placed for further expansion helped by the launch of its portfolio management service and we continue to rate the shares as a BUY.