Highlights
· Excellent progress on the Group's strategic initiatives
· Increase in order intake from continuing operations of 21% and order book 35% higher than at the start of 2017
· Sales from continuing activities of £53.4m (2016: £41.5m)
· Underlying profit before tax of £1.1m (2016: £1.5m loss)
· Statutory profit before tax from continuing activities of £4.3m (2016: £3.1m loss)
· Statutory profit after tax of £1.6m (2016: £0.6m loss)
· Underlying earnings per share of 4.2p (2016: loss of 6.0p)
· Basic earnings per share from continuing activities of 12.2p (2016: loss of 12.3p)
· Net cash of £29.4m (2016: £0.8m)
· Sale of the Instrumentation and Tobacco Machinery (I&TM) business
· The Directors have decided not to recommend payment of a final dividend
Commenting on the performance and outlook, Tony Steels, Chief Executive, said:
“The business made excellent progress on its strategic initiatives following the sale of the I&TM division, a substantial part of the Group. Execution of the strategy for the continuing business has accelerated and is now focused on the growth markets in which it currently operates, in the Pharmaceutical, Healthcare and Food and Beverage sectors. The Group has both the financial and managerial resources available to develop the business, with the prime focus being on organic growth. This will be delivered through the leveraging of its global position, development of its products and an improved services offering to its customers. Suitable complementary acquisition targets will also be considered when identified.
The Company entered 2018 with a stronger order book than a year before, and with a greater focus, progress continues in the development of the continuing operations, and with order intake and sales both strongly ahead of last year the Group's future prospects remain positive.”