Half-yearly pre-tax profit up three per cent at Murgitroyd

Profit before income tax rose 3.0 per cent to 2.27m pounds at AIM-listed European Patent and trademark attorney Murgitroyd, an interim management statement from the company has disclosed.

The company recorded a 2.0% rise in gross profit to £10.6m and a 60% rise in gross margin, compared to a 58% rise in the previous year.

Basic earnings per share were up 7.9% to 18.68p and the group proposed an interim dividend of 3.75p per share.

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Commenting on the group's results, Ian Murgitroyd, Group Chairman, said: "Increased activity is reflected in a rise in both profitability and earnings per share for the 12th consecutive interim period.

"While Revenue is down 2%, the more meaningful gross profit revenue net of disbursements is up 2%. We remain confident in Murgitroyd's ability to progress in the current macro-economic climate, and the Group continues to invest in both direct business development activities that will generate sustainable new business, as well as in its systems and people."

MF