17th Sep 2019 09:26
(Alliance News) - Murgitroyd Group PLC on Tuesday expressed confidence for its current financial year following double-digit profit growth in the financial year that ended on May 31.
The intellectual property attorney firm reported pretax profit of GBP4.2 million for its most recently ended financial year, up 16% compared to GBP3.6 million profit generated a year earlier, as revenue increased 7.5% to GBP48.0 million from GBP44.6 million.
The company said revenue from the UK rose following the acquisition of Chapman IP Ltd for GBP6.6 million in February. It also noted that more than half of Murgitroyd's revenue is being generated in either dollars or euros, which makes the company a net beneficiary of sterling weakness.
Murgitroyd lifted its final payout to 15 pence a share from 14.5p paid the year before, taking the annual dividend to 22p, up 4.8% year-on-year.
"The group's trading performance in the early part of the new financial year has been strong, partly as a result of a growing case-load from major US-based corporates, including a new retained advisory relationship," said Non-Executive Chair Ian Murgitroyd.
He added: "Nonetheless, the group is currently well placed to deliver on its expectations for the financial year as a whole and I remain confident that we can achieve both our financial and operating objectives and maintain our progressive dividend policy."
Murgitroyd shares were trading 11% higher in London on Tuesday at 549.70p each.