1 March 2012 – final results
Shares in Timeweave have slipped on the back of its final results announcement with news that the final dividend is being scrapped being of disappointment to some investors. Nevertheless, the reason for this is that cash is being preserved to facilitate acquisitons as and when opportunities are presented. The company had net cash of over £25m as at 31 December and that equates to almost half the current market capitalisation.
In terms of trading, turnover was up to £28.2m versus £27.6m in 2010. Basic and diluted earnings per share from continuing operations slipped from 2.6p to 2.3p but that still makes the shares look GOOD VALUE given the cash resources.