27 June 2012 – final results
The niche plastics products provider has announced results for the year ending 31 March which have revealed a 4% decline in revenues to £32.1m (2011: £33.5m) with adjusted pre-tax profits falling 3% to £3.77m (2011: £3.87m). Earnings per share fell by 1% to 10.1p (2011: 10.2p) and the total dividend was 1.0p (2011: nil). Strong cash conversion allowed net debt to fall by 18% to £10.1m (2011: £12.3m). These are very creditable results given the challenging economic climate with a number of new client wins during the period helping to compensate for an overall reduction in demand. Further progress is expected in the current financial year and on a low prospective p/e ratio the shares are CHEAP.