15 July 2019 – annual results

The company has announced its annual results for the year to 31 March and these have revealed that revenue has risen to £56.6m (2018: £53.6m) with adjusted pre-tax profits rising to £3.02m (2018: £2.86m).  Earnings per share on the same basis rose to 13.5p (2018: £12.5p).  The company has also declared a final dividend of 3.25p (2018: 3.0p) and has also stated that due to the excellent results it will also pay a special dividend of 0.75p (2018: 1.0p) – there is no interim dividend and so this represents the total dividend for the year.  It can be seen that even excluding the special dividend the shares yield over 5.1% at the current share price.  Strong cash flow at the group meant that it ended the period with net cash of £2.0m (net debt of £0.8m).  These are clearly very impressive results and were helped by particularly strong performances from the Roofing and Specialist Building Services divisions.  Although the first quarter of the current financial year has been slower in terms of activity due to certain contract delays, work on these has now commenced and another good year is in prospect.  The group has a strong balance sheet and on a p/e ratio of under 5 and yielding over 6.3% if the special dividend is taken into account the shares are a BUY.