30 March 2011 – final results

Excellent results for 2010 have been reported by the industrial services and rental company, with group revenues rising to £19.3m (2009: £12.7m) and pre-tax profits increasing to £3.7m (2009: £2.2m).  Earnings per share rose by 35% to 25.8p (2009: 19.1p) and the total dividend for the year rose over 12% to 4.6p (2009: 4.1p). 

These were excellent figures helped by the acquisition of Tasman Oil Tools in Australia last July.  The latter rents equipment to the oil and gas industry in Australia and its acquisition is a major step forward for the group giving it a much larger platform on which to build.  The group’s two largest subsidiaries performed well during the year and the Middle East business once again had a record year with revenue and profits increasing substantially.  Strong cash flow led to gearing of just 24% at the year end.  The new financial year has started well and with further progress expected in 2011, the shares remain a BUY.