Murgitroyd sees profits jump to £4.29m

In its audited results for the year to 31 May 2016, revenue at the company rose from £39.8m to £42.2m while basic earnings per share increased to 35.4p (2015: 35.0p).

The proposed final dividend was of 11.25p per share, giving a total dividend for the year of 16p (2015: 14.75p), an increase of 8.5 per cent year on year.

Ian Murgitroyd, chairman of Murgitroyd Group PLC (pictured) said: “I am pleased to be able to report an increase in pre-tax profits together with another year of record revenues. We continue to see good growth in the USA which remains the main focus of business development activity for the group.

“It is the largest source of European patent applications and our growing presence there offsets continuing weaker European demand, including in the UK. The geographic spread of our activities and customer base, however, puts us in a strong position to counter any weakness in individual markets.

“These results reinforce the group’s ability to deliver sustainable and long-term growth, which combined with strong cash position, underpins the Board’s commitment to a continued progressive dividend policy.”