Murgitroyd Group performs well despite dip in revenue

11th Sep 2018 12:46

(Sharecast News) - Murgitroyd Group announced its audited results for the year ended 31 May on Tuesday, reporting a 7% improvement in underlying profit before income tax to £4.1m year-on-year.The AIM-traded company's board proposed a final dividend of 14.5p per share, giving a total dividend for the year of 21p, for an increase of 24% over the prior year.Revenue was down slightly to £43.9m from £44.3m, while reported profit before income tax after exceptional items decreased by 6% to £3.6m.Underlying basic earnings per share rose 21% to 34.2p, and reported basic earnings per share were 29.7p, up from 28.3p.Murgitroyd Group reported an increased cash position at period end of £3.03m, compared to £2.54m at the start of the year."I am pleased to report an increase in underlying pre-tax profit and record year-end cash balances for the period under review," said non-executive chairman Ian Murgitroyd."Four years of significant investment in our pan-European footprint, software and business development, as well as back office efficiencies has put us in a strong competitive position to help offset any weakness in individual markets and to remain at the cutting edge of client-service and productivity."The board remains confident that it can continue to deliver sustainable long-term growth and value to shareholders, which together with an increasingly strong balance sheet, has allowed us to again propose an increased final dividend, consistent with the board's progressive dividend policy."