28 April 2020 – final results
The multi-jurisdictional financial services group has announced final results for the 12 months ended 31 December 2019. Underlying revenue increased from £20.5m to £22.9m, with reported revenue of £23.3m (2018: £21.4m). Recurring annual revenue, which is seen as an important key performance indicator, remained steady at 77% of total revenues (2018: 76%). Underlying profit before tax for the year amounted to £2.6m (2018: £3.7m). Earnings per share were 5.73p compared to 6.20p for 2018. Cash and cash equivalents amounted to £18.4m as at 31 December 2019 (2018: £17.3m) with a net cash inflow from operating activities of £3.1m for the year (2018: £2.6m). Net cash and cash equivalents as at 31 December 2019 were £17.2m (2018: £15.6m) but a significant proportion of this balance forms part of regulatory and solvency requirements. Instead of proposing a Final Dividend at the forthcoming AGM, a second interim cash dividend of 0.75p per share has been declared. This brings the total dividend proposed in respect of the year to 1.50p per share (2018: 2.00p). The results were very reassuring and we believe a BUY rating is deserved.