15 march 2012 – final results
Since our last comment on the company in December, when we said buy at 180p, shares in the electronic components distributor have moved ahead strongly. Today’s announcement of the final results for the year to 29 January has seen the company report similar revenues to the previous year at £973m whilst adjusted pre-tax profit showed a modest decline of 1.5% to £88.5m. Earnings per share fell to 17.4p from 17.7p and the dividend was maintained ar 10.4p. Net debt has fallen by £26m to £237m. Although the company remains cautious on prospects for the global economy it hopes to resume modest growth this year – after the strong rise in the share price we would suggest TAKING PROFITS.