ZYT11 Dec 2012 07:52
CHAIRMAN'S STATEMENT
This Report and Financial statements for the year ended 30 September 2012 show continuing progress with an improvement of 22% in profit after tax to £3.3m (2011: £2.7m), a 21% increase in earnings per share, and a 10% increase in the dividends to 8.5p for the year.
The strategy of concentrating on the sale of PCT touch products, which now represent 71% of revenues, continued with PCT sales to UK, USA and Asia showing good progress and increasing by 10%, but there was an 8% decline in sales to Europe. Whilst the slowdown in Europe, some project deferrals, and the planned move away from the traditional electronic display products held back sales growth, the PCT products, and particularly those for large applications, were the basis for the improvement in gross margins which drove the increase in profits.
Results
Revenue for the year ended 30 September 2012 was £20.4m (2011: £20.5m) with operating profit improving by 16% to £4.3m (2011: £3.7m) on the back of gross margins increasing from 33.7% to 36.3%. Profit after taxation improved by 22% to £3.3m (2011: £2.7m) and earnings per share increased by 21% to 22.2p (2011: 18.3p).