Murgitroyd posts decline in EPS despite record revenue

3rd Feb 2014 13:09

AIM-listed Murgitroyd posted a slight decline in earnings per share (EPS) for the half-year ended November 30th after increased sales costs partly offset a nine per cent rise in revenue. The European patent and trade mark attorney group said that, year-on-year, basic EPS declined 0.1p to 18.6p on profit of £2.28m (2012: £2.27m). Revenue for the period rose to a record £2.28m from £17.6m a year earlier, while the cost of sales climbed to £8.14m from £6.62m in 2012. The dividend was on par with the 3.75p offered for the same period a year ago. The revenue increase seen during the first half was largely driven by its US activities, which Murgitroyd said continued to be a growth market for the company. Turnover generated from US clients rose by 33% year-on-year, to £6.1m, which represented more than 30% of total turnover for the first time. Group Chairman Ian Murgitroyd said: "The evolution of Murgitroyd continues as the group responds to a price-sensitive marketplace for professional services. Our commitment to ongoing investment in business development, improvements in systems and processes, and people continued in the half year, providing us with a robust platform upon which we can deliver sustainable long-term growth."We are confident in our strategy and in our ability to continue to deliver further positive results in a challenging economic climate."The share price declined 0.4% to 645p by 13:35.NR