9 March 2011 – final results

Solid results for 2010 have been released, as anticipated. From continuing operations revenue was up by 27% to £44.8m (2009: £35.3m). Profit before taxation was up by 95% to £2.87m (2009: £1.47m) and underlying earnings per share were up by 60% to 6.7p (2009: 4.2p). Net cash at the period end was £1.67m versus £0.40m a year earlier and the sale of a surplus freehold property with a net book value of just over £2m is progressing well. Total dividends were up 11% to 2.50p per share (2009: 2.25p).

All in all these were impressive results although this came as no surprise given upbeat newsflow in recent months. There was news that Chief Executive Nigel Rogers will soon leave but Nick Brayshaw is to become Executive Chairman and acting CEO, which leaves the business in safe hands for the time being. We continue to believe that the shares are ATTRACTIVE.