Record results at Latchways

Latchways booked a ten per cent increase in full year pre-tax profit, despite poor conditions in the UK and European construction sectors, and with a well stocked prospect line, said it looks forward to the future with confidence.The safety systems specialist said adjusted pre-tax profits increased to £10.3m for the year ended March 31st 2013 from £9.9m the year earlier. Revenue for the period rose by 2.5% to a record £42.4m. Statutory pre-tax profit rose 10.1% to £10.9m.Adjusted basic earnings per share climbed 6.5% to 70.32p while net cash increased to £10.5m from £8.4m previously. Latchways, whose products include ManSafe SRL used in construction sites, said order inflow has been encouraging in the early part of the new year and its order book is considerably ahead of the same period last year.Chairman Paul Hearson said: "While the underlying economic conditions remain subdued in our traditional markets, with a well-stocked prospect pipeline and continuing investment in revenue-generating resources.""Despite further contraction in UK construction activity, we have achieved strong growth in the UK through sales of Wingrip and the SRL range, with the latter gaining further success in the offshore wind industry," he added.European revenues were down slightly this year, despite good demand for its SRL and Vertical product lines, as the construction recession within the Eurozone continues.Meanwhile its North American business saw some improvement during the year, but remained below the levels seen in 2011.The group underlined its confidence in future trading with a 10% increase in its final dividend to 25.00p per share.Shares of Latchways increased 1.45% to 1,052.50p at midday in London.CJ