1 June 2011 – preliminary results
The global electrical group which supplies sophisticated cable assemblies for use in technically advanced products has announced a welcome return to the dividend list after many years away! In the year to 3 April, revenues rose an impressive 38% to £316m (2010: £229m) whilst normalised pre-tax profits were an even more impressive 113% higher at £14.8m (2010: £6.9m). Normalised diluted earnings per share were 20.9p (9.1p) and a dividend of 2p has been proposed. Net debt was reduced to £4.6m (2010: £7.6m).
Strong growth was seen across all sectors in which the group operates, helped by the introduction of new products and new business wins. Productivity also improved through better utilisation of plant and equipment and there was an increase in investment in engineering and design capability with significant progress also being made in the IT systems and development programme. A very positive statement by the chairman talking about exciting times in its global markets confirms the growing confidence of the group – despite the recent share price rise the shares remain a LONG TERM BUY.