14 June 2011 – final results

Results for the year ended 31 March 2011 were solid.  Revenue rose by 6.4% to £279.9m (2010: £263.2m).  Profit before taxation and other operating income was up 32.8% at £7.0m (2010: £5.3m).  Operating profit before other operating income increased 30.1% to £5.6m (2010: £4.3m).  Profit before taxation and after other operating income was £12.5m (2010: £5.3m) with the significant jump relating to a recovery of VAT and profit on disposal of a property.   

The final dividend has been increased by 36.4% to 1.20p per share (2010: 0.88p), making a total dividend for the year of 1.70p (2010: 1.32p).  This should offer some support but even though the current year has started well we believe the share price is up with events.  AVOID.