12 June 2019 – final results

Solid final results have been released for the year ended 31 March 2019.  Revenue increased by 17% to £46.8m (2018: £39.9m) with growth across the four key income streams.  Profit before tax was up slightly to £6.5m from £6.3m a year earlier.  Underlying profit before tax was £6.7m, an increase from £6.5m in the previous year.  The statutory basic and diluted earnings per share for the year were 16.7p and 16.3p respectively, up from 16.3p and 15.9p in the previous year.  A final dividend of 4.8p per share (2018: 4.4p) has been declared, taking the total for the year to 7.2p per share (2018: 6.6p).  At 31 March 2019 net cash and cash equivalents were £8.2m (2018: £12.7m) and net assets were £30.9m (2018: £27.6m).  This is a very interesting business and we feel that the shares are a BUY at the current level, particularly for income seekers.