11 June 2012 – final results
The group has issued its final results for the year to 31 March revealing a 14% increase in revenue to £24.7m (2011: £21.8m), whilst pre-tax profits before exceptional items rose by 52% to £1.62m (2011: £1.07m). Earnings per share on the same basis were 47% higher at 3.78p (2011: 2.57p) and the dividend was doubled to 0.2p. Net cash balances at the year end were £586,000 compared with net debt of £61,000 a year earlier. These were record results for the group with encouraging progress being recorded across all divisions. The future for the group looks promising with further progress expected in the current year. The group’s expansion in China continues as expected with the new manufacturing facility expected to be operational by the end of 2012. The shares look good value and re retain our recommendation of BUY.