16 June 2014 – final results
The IT group has released its results for the year to 31 March which show revenues of £58.3m and adjusted pre-tax profits of £7.2m. Earnings per share on the same basis were 2.04p and a maiden dividend of 1p was declared. As the group only started trading in April last year there are no comparatives. The group ended the year with net bank debt of £12.3m compared with facilities of £23.2m. Significant progress was made during the year which saw the acquisition of IMS Limited for cash consideration of £64.3m in December, mainly funded through a placing of 80m shares at 80p. The integration of the acquisition is proceeding well and the confident tone of the management bodes well for the future. BUY.