25 March 2011 – final results

Figures for 2010 have been released and these were very reassuring. Sales were up 13% at £26.4m and profit before tax edged up from £4.1m to £4.3m. Earnings per share were 15.69p (2009: 14.70p) and the final dividend was lifted by 0.25p to 3.25p making 5.50p in total for the year (2009: 5.00p). Perhaps more importantly, stock levels jumped by almost 60% from £9.3m to £14.8m and this should support future growth. The share price looks too low given strong prospects. BUY.