Highlights & Summary

“Our strategy for the future will focus on growing both top and bottom line by offering first class technology which is valued by our customers.”

Keith Butler-Wheelhouse
Chairman

Key Points

• Revenues and earnings above pre-recession levels – aided by positive global engineering markets - 70% of sales are for export markets
• Revenues increased by 14% to £45.5m (2011: £39.8m)
• Underlying* profit before tax up 107% to £1.7m (2011: £0.8m) – with improved margins
• Statutory profit before tax of £1.4m (2011: £0.3m)
• Underlying* earnings per share up by 173% to 18.3p (2011: 6.7p)
• Statutory earnings per share of 16.1p (2011: 1.3p)
• Cash generated from operations up 36% to £2.4m (2011: £1.8m)
• Net debt reduced by 46% to £1.6m (2011: £2.9m)
• Proposed final dividend of 2.0p (2011: 1.0p), taking total dividend for year to 3.0p (2011: 1.0p)
• Net assets increased to £9.0m at 31 March 2012 (2011: £7.8m)
• Growth across all three foundries – trend expected to continue
• Engineering activities boosted by addition of Jebron Ltd’s assets. Added £2m of profitable sales
• New Chairman, Keith Butler-Wheelhouse, appointed in March 2012
• Board views prospects for new financial year very positively

* Underlying items are stated before Non–Underlying items which represent business reorganisation costs, goodwill impairment costs, and net financing costs on pension obligations and share based payment costs.