Avesco Group plc ("Avesco" or the "Group") (AIM: AVS), the international provider of services to the corporate presentation, entertainment and broadcast markets, announces its preliminary results for the year ended 30 September 2015.
KEY HIGHLIGHTS
Revenue up 6% to £133.7m (2014: £126.4m)
Operating profit up £4.0m to £4.9m (2014: £0.9m)
Trading profit up 18% to £7.4m (2014: £6.3m)
Trading EBITDA up 8% to £27.0m (2014: £25.0m)
Continuing operations earnings per share of 12.4p (2014: loss per share of 12.8p)
Annual dividend increased by 17% to 7.0p per share (2014: 6.0p)
Profit from discontinued operations of £1.1m (2014: £1.2m)
Net debt reduced £3.9m to £17.5m (2014: £21.4m)
Richard Murray, Chairman, commented:
"2015 has been another record breaking year for the Group with operating profit even higher than in 2012 when we had the benefit of the London Olympics in our home territory. The fact that this has been achieved in an odd year is particularly pleasing.
The sale of the land and buildings at Fountain announced earlier today will realise substantial value for shareholders, the full value of which will be reported in the coming year, and will significantly reduce our net Group debt down to very modest levels.
The current financial year has started well, with Creative Technology performing strongly in both Europe and the US. With the Group now carrying a much lower debt burden, streamlined and refocused, we expect to be able to continue our drive to increase profitability, to generate cash and to grow dividends."
