AssetCo's cash position improves

Support services company AssetCo hailed record full-year results and said trading in the first two months of the current financial year has been in line with expectations.Revenue in the year to 31 March 2009 rose to £79.7m from £64.6m the year before, while profit before tax climbed to £11.3m from £9m.The company said its current focus is on cash generation and the improvement of working capital. Cash and cash equivalents increased by £18.4m last year. Net debt fell 9.4% to £76m.Around three-quarters of the current year’s budgeted revenues have already been secured, said chairman Tim Wightman. The company’s vehicle assembly factory in Leeds has enough orders to keep it going for the next two years while the Abu Dhabi office is now fully staffed and out chasing business, though the board has ‘always been conscious that these opportunities would develop over a medium rather than short-term time-frame,’ Wightman said.As announced on 9 June, the dividend has been increased to 1.25p from 1p the year before.