Shares of telecommunications services company AdEPT Telecom rallied after it recommended its first dividend payment and as it posted a 58 per cent surge in full year pre-tax profit.
Pre-tax profit rose to £1.19m in the year ended March 31 from £752,000 the same time a year earlier. Revenue for the year fell to £21.91m from £23.73m.
Adjusted earnings per share rose to 11.35p from 10.25p in 2011. Cash at March 31 rose to £1.869m from £1.36m in 2011.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Commenting upon these results chairman Roger Wilson said: "AdEPT has delivered a ninth consecutive year of increased EBITDA and continued to deliver consistent free cash flow generation."
"Despite the continuing uncertainty over the general direction of the economy, the Board is confident that continued strong cash generation, and further reductions in the level of debt in future, should support a progressive dividend policy."
Net debt reduced by £2.1m year-on-year to £5.3m.
CJ
-
FTSE 100 hits record highs – why is it rising and will we see more gains?Advice UK equities have been described as unloved for a long time but as the FTSE 100 hits new highs, we explain if now is the time to buy British.
-
How to invest in copperIt may be time to invest in copper as the red metal appears poised for a big jump. Dominic Frisby looks at what should investors should buy
