3 June 2019 – final results
In the year ended 31 March 2019 revenue was £22.763m (2018: £22.180m). New business growth in the Transportation division more than offset lower revenue in the Energy division which saw significantly lower demand from the power generation rental sector. However, this was anticipated and on a more positive note the joint venture in China continues to perform well. Underlying profit before tax was £1.088m, up 31.6% on the previous year (2018: £0.827m). Basic earnings per share were 2.62p (2018: 2.00p) and after adjusting for non-underlying items, underlying earnings per share were 3.02p (2018: 2.65p). A final dividend was reinstated with a proposed payment of 0.2p per share. The shares look cheap and we keep our BUY rating.