LONDON (Alliance News) - Murgitroyd Group PLC Monday reported higher profits for its last financial year as revenues increased for a twelfth consecutive year and it kept tight controls on costs.
The intellectual property law firm reported a pretax profit of GBP4.6 million for the 12 months to end-May, from GBP4.4 million a year earlier, as revenues increased to just under GBP36 million, from GBP35.7 million a year earlier.
Its total dividend for the year will increase to 12.5 pence, from 12 pence a year earlier, after it proposed a final dividend of 8.75 pence.
It cut its net debt to GBP1.9 million, from GBP3.2 million.
Chairman Ian Murgitroyd said he was confident the company would continue growing, after the company's new strategy of focusing on winning new work from larger companies, particularly in the US, lifted sales in the last year.
It said revenues from US clients had risen to GBP10.2 million, from GBP3.1 million five years earlier.
The company's shares were down 3.5% at 506.5 pence Monday morning.
By Steve McGrath; stevemcgrath@alliancenews.com; @SteveMcGrath1
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