10 December 2019 – final results
Results for the year ended 30 September 2019 have been released. Group revenue was £20.1m (2018: £22.3m), impacted by a reduction in revenues in the gaming market. Gross margin reduced to 33.7% (2018: 37.0%) due to the change in product mix sold, with fewer large format sensors being invoiced in the year, meaning that profit before tax slipped to £3.1m (2018: £4.2m). Basic earnings per share were 16.8p (2018: 22.7p). Significantly, the final dividend was held at 15.2p per share, bringing total dividends for the year to 22.8p (2018: 22.8p). These are solid figures and the shares appear to have fallen too low. We retain our BUY rating.