27th May 2014 09:18
LONDON (Alliance News) - Murgitroyd Group PLC Tuesday said it expects to report lower profits but higher revenues for its financial year ending May 31, due to investments in the business and sterling strength.
The company, which provides a range of intellectual property advisory services through its trading subsidiaries, said it is responding to the changing and more price-sensitive marketplace for professional services and is continuing with its planned investment in business development, improvements in systems and processes, as well as recruitment.
However, it said that due to investments, it now expects to report a pretax profit for the financial year ending May of no less than GBP4 million, with a 6% increase in revenues of more than GBP38 million. It said that all of the expected revenue increase came from sales invoiced in either dollars or euros.
Last year, the group reported pretax profit before the impact of property revaluations of GBP4.5 million, with revenues for the year of GBP36.0 million.
Murgitroyd said that on a like-for-like basis, sterling strength in the current financial year has reduced revenues and its gross profit combined by around GBP0.4 million.
Murgitroyd shares were trading 1.5% lower at 655.00 pence per share Tuesday morning.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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