Latchways reveals record earnings

Safety systems specialist Latchways unveiled record full year revenue and pre-tax profit after growth in all regions except North America.

The maker of devices to stop roofers and window cleaners falling said revenues rose 5% to a record £41.4m for the year ended 31 March 2012. Pre-tax profit also rose to a record £9.9m during the year compared to £9.3m the year before.

Analysts had predicted revenue of £42.9m and pre-tax profit of around £10.20m.

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Commenting on trading, chairman Paul Hearson said: "Following the very strong growth achieved in 2010/11, the past year has been a period of solid progress for Latchways, despite the increasingly difficult global economic environment. We have achieved good growth across the majority of geographies and product lines, with the exception of North America."

"Given the current level of economic uncertainty, it is not surprising that the new year has started slowly. Despite this, with the level of prospects and opportunities at an all time high, and the resources now in place to service these, we are confident of achieving a strong performance for the year as a whole," he added.

The board is recommending a 10% increase in the final dividend to 22.73p, lower than market expectations of a 32.60p dividend.

CJ