SWP Group breaks into the black as ULVA surges

5th Nov 2014 14:16

Industrial engineering group SWP saw its losses from last year to turn into profits for the full-year after a number of successful installments and tight financial controls.The AIM-listed outfit managed to reverse the previous year's loss before tax of £0.45m to a profit of £1.42m in the year to June as its revenues increased 41.9% to £20.3m.Earnings per share rose to 0.06p from a loss of 0.44p last year.Its ULVA insulation systems for the oil and gas industry saw their "best year to date" giving the company "optimism that its aspirations for further growth can be met".Despite reducing its bank borrowings by 62% to £0.89m, net cash outflow from investing activities rose significantly to £1.68m from £0.36m due in the main to the capital expenditure programme at ULVA.The group said one of their main objectives remained eliminating bank debt.SWP's dividend increased by 20% to 0.09p per share.Chairman Alan Walker said: "The group is entering a new phase in its development as we invest heavily for the future in order to deliver significant growth."Shares rose 9.74% to 10.7p at 10:22 on Wednesday.