10 June 2010 – annual results

In the year to 31 March, revenue increased by 5% to £263.2m although the current low level of interest rates has led to a sharp reduction in finance income as this dropped to £1.0m (2009: £3.1m).  As a result pre-tax profits declined to £5.3m (2009: £6.2m) and earnings per share fell to 2.14p (2009: 2.44p).  The total dividend for the year was maintained at 1.32p representin a yield of 6.6%.  Although the corporate gift voucher and Christmas savings market is very mature and unlikely to show much growth going forward, the shares do offer a very attractive dividend yield – they are a BUY FOR INCOME.