11 March 2014 – final results
Revenues of £42.22m were up 3.0% year-on-year, due in no small part to the full year effect of the IGT acquisition in September 2012. On a like-for-like basis, sales were down by 4.4%. Normalised profit before tax grew by 28.8% to £1.86m (2012: £1.44m) following much better performance in the second half. Basic earnings per share were 0.5p (2012: 4.2p) and, more importantly, adjusted earnings per share were 5.3p (2012: 3.1p). A final dividend of 0.75p (2012: 1.75p) has been declared, in view of a stronger trading performance in the second half of the year, taking the total for the year to 1.2p (2012: 2.80p). On balance we continue to rate the shares as a BUY.