Record earnings at Latchways

Safety systems specialist Latchways reported record annual profit and revenue as it introduced new products and ramped up sales to overseas markets. The group, whose safety systems are used to provide worker safety in wind power turbines, commercial rooftops, electricity transmission towers, aircraft wings and industrial plants, said pre-tax profit rose to a record £9.3m for the year ended 31 March 2011 from £7.6m the year before. Overall revenues hit a record £39.6m for the year compared to £33.9m in 2010. Commenting on the results chairman Paul Hearson said, "After the difficulties experienced since the beginning of the financial crisis and subsequent recession, we have achieved growth across the range of our products and markets, enabling us to report record revenues and profits for the group." Product revenues rose 24% to £31.7m while diluted earnings per share increased 24% to 61.07p. Hearson added, "With innovative new product launches planned for later in the year, I look forward to reporting further progress." Latchways has recommended a 15% increase in its final dividend to 20.66p per share, bringing the total to 29.64p per share for the year compared to 25.78p in 2010.