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Industrials
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Micro Cap
Market Cap £n/a
Enterprise Value £n/a
Revenue £48.0m
Position in Universe th / 1826

Murgitroyd Group PLC Preliminary Results

Mon 6th September, 2010 7:00am
TIDMMUR

RNS Number : 1702S
Murgitroyd Group PLC
06 September 2010

?
6 September 2010

Murgitroyd Group PLC ("Murgitroyd" or "the Group")
Preliminary Results for the year ended 31 May 2010

Murgitroyd (AIM:MUR), the European Patent and Trade Mark Attorney, is pleased to
announce its audited results for the year ended 31 May 2010.

Highlights

Ninth consecutive year of sales and earnings growth

Turnover increased by 2% to GBP29.4m (2009: GBP28.9m)

Operating profit increased by 14% to GBP4.0m (2009: GBP3.5m)

Profit on ordinary activities before tax increased by 23% to GBP3.8m (2009:
GBP3.1m)

Earnings per share (before impact of property revaluations) of 30.0p (2009:
28.4p)

Basic earnings per share of 31.8p (2009: 24.2p)

Proposed final dividend of 2p per share, giving a total dividend for the year of
10p (2009: 9.5p)

New office opened in Helsinki, Finland


Ian Murgitroyd, Chairman of Murgitroyd Group PLC said:

"I am pleased to report that Murgitroyd has performed in line with expectations
in what has been a challenging economic environment. We have delivered record
turnover and profits whilst continuing our long-term strategy of investing in
organic growth. We opened a new Nordic office in Finland during the year,
expanded our strategically key US operations and, since the year end, opened a
new business development office in Tokyo, Japan. The Board believes that
Murgitroyd remains positioned to take advantage of current and future
opportunities in the market and is well placed to continue to deliver value to
shareholders."

For further information, please contact:

Keith Young, Murgitroyd T: 07802
951913
Sandy Fraser, Brewin Dolphin Limited (NOMAD) T: 0845 213 2072
Catherine Maitland, Cardew Group T: 0207 930
0777



Notes to Editors:

Murgitroyd Group PLC, the holding company of Murgitroyd & Company Limited
("Murgitroyd & Company"), a European Patent and Trade Mark Attorney practice,
was floated on AIM on 30 November 2001. The practice has European offices in
Aberdeen, Belfast, Dublin, Edinburgh, Glasgow, Helsinki, London, Milan,
Muenster, Munich, Newcastle, Nice and York, and Sales Offices in Raleigh, North
Carolina and Tokyo, Japan. Murgitroyd Group PLC specialises in the provision of
Intellectual Property services, including filing, prosecuting, litigating,
licensing, assigning and renewing Patents, Trade Marks and Designs, advising on
Copyright and generally assisting clients with the management of their
Intellectual Property. Patent services span the major sectors of the global
economy including engineering, electronics, chemistry and biotechnology with
clients ranging from large multi-national corporations to individual inventors
and both in-house and external Patent Attorneys. The practice services major
Trade Mark clients from the personal care, clothing, food and drinks, tobacco,
pharmaceuticals, chemicals and oil industries together with service sector,
sport and entertainment and retail industry clients. Trade Mark services are
also provided to other private practice Trade Mark Attorneys.
Murgitroyd Group PLC
Chairman's Statement

Financial review

The Group has continued to show resilience during the year, with performance in
line with expectations in spite of the continued challenging economic backdrop.
For the year ended 31 May 2010, Group turnover increased by 2% to GBP29.4
million (2009: GBP28.9 million) as we won new contracts and improved market
share. Gross profit was flat at GBP18.3 million (2009: GBP18.4 million) due to
continued pressure on margins, which was anticipated by the Group and was to
some degree offset by increased volumes. Gross margin was 62.3% (2009: 63.7%),
again an anticipated change, and reflecting the mix of work, particularly new
types of work won at lower margins in a competitive market place. Operating
profit rose by 14% to GBP4.0 million (2009: GBP3.5 million).

Murgitroyd's head office, Scotland House, is owned by the Group and is revalued
annually as at the financial year end date. The annual revaluation of the head
office building resulted in a property revaluation credit of GBP156,000 as
compared to an exceptional charge of GBP355,000 being made against profit in the
previous year. Excluding the impact of property revaluations (both years),
profit before income tax increased by over 6% to GBP3.67 million (2009: GBP3.45
million).

As announced in the interim statement, the Group completed its annual review of
facilities with Clydesdale Bank as at 30 November 2009. Net debt as at 31 May
2010 was reduced to GBP5.8 million (2009: GBP7.0 million). We continue to trade
comfortably within our trading and cash flow banking covenants, and the Group
has sufficient headroom across all facilities. The Board believes the Group's
banking facilities are competitively priced and are sufficient for our current
purposes.

Murgitroyd benefitted from low interest rates during the financial year and, as
anticipated, interest charges for the year were substantially lower than in the
previous period. The Group also continued to benefit from careful foreign
exchange management. As a net purchaser of the Euro, and with growing
operations in both the United States and Japan, we will continue to carefully
monitor exchange rates and movements thereon.

Both capital expenditure and working capital have been managed to optimise cash
flow. The programme of carefully restricting capital expenditure that commenced
in the last financial year continued during the year under review, with
expenditure unchanged year on year. Debtor days have lengthened by just one day
as compared with 31 May 2009, and the Group's bad debt provision, and
experience, both remain at less than 1% of sales. The Group will continue to
closely manage cash flows.

Management continued to monitor the Group's overheads, resulting in an overall
reduction during the year and, excluding the property revaluation credit of
GBP156,000, administrative expenses have fallen as a percentage of turnover.
The tight control of costs, combined with the savings accrued from reduced
interest charges and our foreign exchange management, has allowed us to continue
to invest in our business development activities. The streamlining of
administrative processes has also allowed Murgitroyd's fee earners to focus more
time on revenue generation.

Operating review

The Group operated fourteen offices in nine countries during the year, and the
growth and development of Murgitroyd's offices and network is ongoing. As
announced previously, the Helsinki Office in Finland was formally opened in
March 2010 to represent clients' interests in the Nordic countries. Since the
year end the Group opened its fifteenth office: a new business development
office in Tokyo, Japan, replicating the US business development office.

The Group's US business development office in Raleigh, North Carolina, remains
of key strategic importance to the Group, as new US business offset reductions
in sales in other geographic areas. Sales to US clients increased by GBP1.9
million during the year to GBP5.8 million (2009: GBP3.9 million). Reflecting the
importance of the US market to the Group, I have taken on the role of Global
Head of Business Development based in the Raleigh office. The office expanded
to seven people over the year, an increase from three as reported in last year's
Directors' report and financial statements. We continue to look to recruit new
staff to meet expected growth in this key region as our IP Portal service
attracts new clients. The team based in Raleigh will relocate to larger offices
in the autumn.

In addition to pursuing organic growth, Murgitroyd continues to look for and
evaluate suitable acquisition opportunities which are assessed against our
highly-selective acquisition criteria. We will only consider acquisitions that
are immediately earnings enhancing, competitively priced and complementary to
the Group's existing offering.

People

The total number of employees as at 31 May 2010 was 221, a slight reduction
compared with the previous year, due to those leaving the Group not necessarily
being replaced immediately. However, since the year end the Group has
successfully recruited three qualified Attorneys for roles in the Newcastle,
Helsinki and London offices. In addition, since the year end, five
part-qualified Attorneys have been recruited to the London, Belfast, Dublin,
Edinburgh and Glasgow offices, and two new trainee Attorneys have been recruited
to the Dublin and Belfast offices.

The average age of all fee earners at Murgitroyd remains under 40, which is
relatively young for the industry, and the Group remains committed to investing
in in-house training, as the lead-time for new graduates is generally between
five to seven years. We view our fee earners as a long-term asset to the Group
and our recruitment, training processes and career development are aimed at
maximising staff retention. In line with our long-term growth strategy, the
Group continues to look to recruit new professional and support staff.

I would like to take this opportunity to thank all our staff for their continued
commitment to the Group. The Group's Deputy Chairman, David Castle, has
announced his intention to leave the Group at this year's AGM. David leaves by
mutual agreement and with the good wishes of the Board, to pursue other
interests. On expiry of his contractual obligations, or by agreement of the
Board, David may return to the IP profession either in the UK or abroad but has
no firm plans to do so at present. I would like to take this opportunity to
thank David for his valuable contribution to Murgitroyd since he joined us in
2005, when we acquired David W.J. Castle & Co. Limited.
The market

Against a difficult economic backdrop, Patent applications at the European
Patent Office ("EPO") in the calendar year 2009 fell by 7.6%, whilst Community
Trade Mark applications were flat. According to the EPO Future Filings Survey,
2009, Patent applications are expected to fall by a modest 2.4% in 2010 before
returning to growth in 2011.

The Group continues to see a number of opportunities to tender for work and gain
market share, albeit under price pressure. Given the Group's resilient
performance in difficult markets, investment in business development and fee
earners, and its continuing tight control over costs, we believe we will be well
placed to take advantage of what is hoped will be an improving marketplace.

We are monitoring with interest the UK Government's proposals on a "Patent Box"
and its possible beneficial effect on Corporation Tax rates applicable to
profits derived from patented products.

Share price
During the period, the middle market price of the Company's shares fluctuated
between 225p and 302.5p. The current middle market price is 272.5p.

Change of adviser

As announced previously, the Group was pleased to appoint Brewin Dolphin Limited
as sole Nominated Adviser and Broker to the Group in March 2010.

Dividend

Two interim dividends, of 3p and 5p per share respectively, were paid during the
year, reflecting the Board's confidence in the continued performance of the
Group. A final dividend of 2p per share is being proposed, giving a total
dividend for the year of 10p (2009: 9.5p).

Subject to approval at the Annual General Meeting, the final dividend will be
paid on 3rd December 2010 to shareholders on the register on 5th November 2010.

Outlook

Despite the continued challenging economic backdrop, Murgitroyd has continued to
perform robustly and gain market share, increasing sales and profits. We
continue to successfully pursue organic growth in the new financial year in
addition to continuing to review acquisition opportunities where appropriate,
and where they meet our highly selective criteria, whilst keeping careful
control of costs across the Group.

Given the Group's prudent management and robust performance in difficult
markets, the Board believes that Murgitroyd is well positioned to take advantage
of current and future opportunities within the market. We remain confident of
our ability to generate long-term growth and value for shareholders, as we
continue to invest in business development activities, such as the recent
opening of our Tokyo office, replicating the IP Portal concept used to establish
the Group in the US.


Ian G Murgitroyd
Chairman

3 September 2010

This preliminary announcement was approved by the Board of Directors on 3
September 2010.

Consolidated income statement
for the year ended 31 May 2010

+------------------------+------------+----------+----------+
| | | | |
+------------------------+------------+----------+----------+
| | Note | Year | Year |
| | | ended | ended |
| | | 31 May | 31 May |
| | | 2010 | 2009 |
| | | GBP'000 | GBP'000 |
+------------------------+------------+----------+----------+
| | | | |
+------------------------+------------+----------+----------+
| Revenue | | 29,429 | 28,904 |
+------------------------+------------+----------+----------+
| | | | |
+------------------------+------------+----------+----------+
| Cost of sales | | (11,095) | (10,503) |
+------------------------+------------+----------+----------+
| | | | |
+------------------------+------------+----------+----------+
| Gross profit | | 18,334 | 18,401 |
+------------------------+------------+----------+----------+
| | | | |
+------------------------+------------+----------+----------+
| Administrative | | | |
| expenses (including | | | |
| property revaluation | | | |
| uplift of GBP156,000; | | (14,326) | (14,907) |
| 2009: property | | | |
| revaluation deficit of | | | |
| GBP355,000) | | | |
+------------------------+------------+----------+----------+
| | | | |
+------------------------+------------+----------+----------+
| | | | |
+------------------------+------------+----------+----------+
| Operating profit | | | |
| before property | | | |
| revaluation uplift | | 3,852 | 3,849 |
| (2009: property | | | |
| revaluation deficit) | | | |
+------------------------+------------+----------+----------+
| Property revaluation | | 156 | (355) |
| uplift/(deficit) | | | |
+------------------------+------------+----------+----------+
| | | | |
+------------------------+------------+----------+----------+
| | | | |
+------------------------+------------+----------+----------+
| Operating profit | | 4,008 | 3,494 |
+------------------------+------------+----------+----------+
| | | | |
+------------------------+------------+----------+----------+
| Financial income | | 4 | 9 |
+------------------------+------------+----------+----------+
| Financial expense | | (187) | (411) |
+------------------------+------------+----------+----------+
| | | | |
+------------------------+------------+----------+----------+
| Profit before income | | 3,825 | 3,092 |
| tax | | | |
+------------------------+------------+----------+----------+
| | | | |
+------------------------+------------+----------+----------+
| Income tax | | (1,123) | (1,040) |
+------------------------+------------+----------+----------+
| | | | |
+------------------------+------------+----------+----------+
| Profit for the year | | | |
| attributable to equity | | 2,702 | 2,052 |
| holders of the parent | | | |
+------------------------+------------+----------+----------+
| | | | |
+------------------------+------------+----------+----------+
| Earnings per share | 2 | | |
+------------------------+------------+----------+----------+
| | | | |
+------------------------+------------+----------+----------+
| Basic | | 31.83p | 24.23p |
+------------------------+------------+----------+----------+
| Diluted | | 31.23p | 23.75p |
+------------------------+------------+----------+----------+
| | | | |
+------------------------+------------+----------+----------+

Consolidated balance sheet
at 31 May 2010

+-----------------------+--+-----+-------+----------+----------+
| | | | | 31 | 31 |
| | | | | May | May |
| | | | | 2010 | 2009 |
| | | | | GBP'000 | GBP'000 |
+-----------------------+--+-----+-------+----------+----------+
| Assets | | | | | |
+-----------------------+--+-----+-------+----------+----------+
| Non-current assets | | | | | |
+-----------------------+--+-----+-------+----------+----------+
| Property, plant and | | | | 1,941 | 1,921 |
| equipment | | | | | |
+-----------------------+--+-----+-------+----------+----------+
| Intangible assets | | | | 14,820 | 14,806 |
+-----------------------+--+-----+-------+----------+----------+
| Total non-current | | | | 16,761 | 16,727 |
| assets | | | | | |
+-----------------------+--+-----+-------+----------+----------+
| | | | | | |
+-----------------------+--+-----+-------+----------+----------+
| Current assets | | | | | |
+-----------------------+--+-----+-------+----------+----------+
| Work in progress | | | | 618 | 479 |
+-----------------------+--+-----+-------+----------+----------+
| Trade and other | | | | 10,780 | 10,156 |
| receivables | | | | | |
+-----------------------+--+-----+-------+----------+----------+
| Cash and cash | | | | 2,012 | 2,143 |
| equivalents | | | | | |
+-----------------------+--+-----+-------+----------+----------+
| Total current assets | | | | 13,410 | 12,778 |
+-----------------------+--+-----+-------+----------+----------+
| Total assets | | | | 30,171 | 29,505 |
+-----------------------+--+-----+-------+----------+----------+
| | | | | | |
+-----------------------+--+-----+-------+----------+----------+
| Current liabilities | | | | | |
+-----------------------+--+-----+-------+----------+----------+
| Bank overdraft | | | | (1,096) | (1,386) |
+-----------------------+--+-----+-------+----------+----------+
| Other | | | | | |
| interest-bearing | | | | (1,768) | (1,699) |
| loans and | | | | | |
| borrowings | | | | | |
+-----------------------+--+-----+-------+----------+----------+
| Trade and other | | | | (5,585) | (5,178) |
| payables | | | | | |
+-----------------------+--+-----+-------+----------+----------+
| Taxation payable | | | | (141) | (135) |
+-----------------------+--+-----+-------+----------+----------+
| Total current | | | | (8,590) | (8,398) |
| liabilities | | | | | |
+-----------------------+--+-----+-------+----------+----------+
| | | | | | |
+-----------------------+--+-----+-------+----------+----------+
| Non-current | | | | | |
| liabilities | | | | | |
+-----------------------+--+-----+-------+----------+----------+
| Other | | | | | |
| interest-bearing | | | | (4,977) | (6,057) |
| loans and | | | | | |
| borrowings | | | | | |
+-----------------------+--+-----+-------+----------+----------+
| Other payables | | | | - | - |
+-----------------------+--+-----+-------+----------+----------+
| Provisions for | | | | (52) | (45) |
| liabilities | | | | | |
+-----------------------+--+-----+-------+----------+----------+
| Deferred tax | | | | (9) | (19) |
| liabilities | | | | | |
+-----------------------+--+-----+-------+----------+----------+
| Total non-current | | | | (5,038) | (6,121) |
| liabilities | | | | | |
+-----------------------+--+-----+-------+----------+----------+
| Total liabilities | | | | (13,628) | (14,519) |
+-----------------------+--+-----+-------+----------+----------+
| Net assets | | | | 16,543 | 14,986 |
+-----------------------+--+-----+-------+----------+----------+
| | | | | | |
+-----------------------+--+-----+-------+----------+----------+
| Equity | | | | | |
+-----------------------+--+-----+-------+----------+----------+
| Share capital | | | | 850 | 848 |
+-----------------------+--+-----+-------+----------+----------+
| Share premium | | | | 2,582 | 2,557 |
+-----------------------+--+-----+-------+----------+----------+
| Merger reserve | | | | 6,436 | 6,436 |
+-----------------------+--+-----+-------+----------+----------+
| Revaluation reserve | | | | - | - |
+-----------------------+--+-----+-------+----------+----------+
| Retained earnings | | | | 6,675 | 5,145 |
+-----------------------+--+-----+-------+----------+----------+
| Total equity | | | | 16,543 | 14,986 |
| attributable to | | | | | |
| equity | | | | | |
| holders of the | | | | | |
| parent | | | | | |
+-----------------------+--+-----+-------+----------+----------+
| | | | | | |
+-----------------------+--+-----+-------+----------+----------+

Consolidated statement of cash flows
for the year ended 31 May 2010

+-----------------------------------+----------+---------+----------+---------+
| | | | Year | Year |
| | | | ended | ended |
| | | | 31 May | 31 May |
| | | | 2010 | 2009 |
| | | | GBP'000 | GBP'000 |
+-----------------------------------+----------+---------+----------+---------+
| Cash flows from operating | | | | |
| activities | | | | |
+-----------------------------------+----------+---------+----------+---------+
| Profit for the year | | | 2,702 | 2,052 |
+-----------------------------------+----------+---------+----------+---------+
| Adjustments for: | | | | |
+-----------------------------------+----------+---------+----------+---------+
| Depreciation | | | 222 | 261 |
+-----------------------------------+----------+---------+----------+---------+
| Amortisation | | | - | 7 |
+-----------------------------------+----------+---------+----------+---------+
| Loss on disposal of property, | | | - | 1 |
| plant and equipment | | | | |
+-----------------------------------+----------+---------+----------+---------+
| Provision for "Onerous Lease" | | | (38) | (39) |
+-----------------------------------+----------+---------+----------+---------+
| Provision for leasehold | | | 45 | - |
| property dilapidations | | | | |
+-----------------------------------+----------+---------+----------+---------+
| Property revaluation | | | (156) | 355 |
| (surplus)/deficit | | | | |
+-----------------------------------+----------+---------+----------+---------+
| Financing costs | | | 183 | 402 |
+-----------------------------------+----------+---------+----------+---------+
| Equity settled share-based | | | 63 | 27 |
| payment expense | | | | |
+-----------------------------------+----------+---------+----------+---------+
| Income tax expense | | | 1,123 | 1,040 |
+-----------------------------------+----------+---------+----------+---------+
| | | | | |
+-----------------------------------+----------+---------+----------+---------+
| | | | 4,144 | 4,106 |
+-----------------------------------+----------+---------+----------+---------+
| Increase in trade and other | | | (624) | (432) |
| receivables | | | | |
+-----------------------------------+----------+---------+----------+---------+
| (Increase)/decrease in work in | | | (139) | 125 |
| progress | | | | |
+-----------------------------------+----------+---------+----------+---------+
| Increase in trade and other | | | 411 | 525 |
| payables | | | | |
+-----------------------------------+----------+---------+----------+---------+
| | | | | |
+-----------------------------------+----------+---------+----------+---------+
| | | | 3,792 | 4,324 |
+-----------------------------------+----------+---------+----------+---------+
| Interest paid | | | (164) | (329) |
+-----------------------------------+----------+---------+----------+---------+
| Interest received | | | 4 | 9 |
+-----------------------------------+----------+---------+----------+---------+
| Income tax paid | | | (1,130) | (1,107) |
+-----------------------------------+----------+---------+----------+---------+
| | | | | |
+-----------------------------------+----------+---------+----------+---------+
| Net cash from operating | | | 2,502 | 2,897 |
| activities | | | | |
+-----------------------------------+----------+---------+----------+---------+
| | | | | |
+-----------------------------------+----------+---------+----------+---------+
| Cash flows from investing | | | | |
| activities | | | | |
+-----------------------------------+----------+---------+----------+---------+
| Acquisition of property, plant | | | (86) | (85) |
| and equipment | | | | |
+-----------------------------------+----------+---------+----------+---------+
| Proceeds from disposal of | | | - | - |
| property, plant and equipment | | | | |
+-----------------------------------+----------+---------+----------+---------+
| Acquisition of subsidiaries, | | | (314) | (961) |
| net of cash acquired | | | | |
+-----------------------------------+----------+---------+----------+---------+
| | | | | |
+-----------------------------------+----------+---------+----------+---------+
| Net cash used in investing | | | (400) | (1,046) |
| activities | | | | |
+-----------------------------------+----------+---------+----------+---------+
| | | | | |
+-----------------------------------+----------+---------+----------+---------+
| Cash flows from financing | | | | |
| activities | | | | |
+-----------------------------------+----------+---------+----------+---------+
| Proceeds from exercise of share | | | 27 | 91 |
| options | | | | |
+-----------------------------------+----------+---------+----------+---------+
| Loans received | | | 300 | 1,531 |
+-----------------------------------+----------+---------+----------+---------+
| Repayment of borrowings | | | (1,038) | (1,486) |
+-----------------------------------+----------+---------+----------+---------+
| Payment of finance lease | | | - | - |
| liabilities | | | | |
+-----------------------------------+----------+---------+----------+---------+
| Dividends paid | | | (1,232) | (806) |
+-----------------------------------+----------+---------+----------+---------+
| | | | | |
+-----------------------------------+----------+---------+----------+---------+
| Net cash used in financing | | | (1,943) | (670) |
| activities | | | | |
+-----------------------------------+----------+---------+----------+---------+
| | | | | |
+-----------------------------------+----------+---------+----------+---------+
| Net increase in cash and cash | | | 159 | 1,181 |
| equivalents | | | | |
+-----------------------------------+----------+---------+----------+---------+
| Cash and cash equivalents at | | | 757 | (424) |
| start of year | | | | |
+-----------------------------------+----------+---------+----------+---------+
| | | | | |
+-----------------------------------+----------+---------+----------+---------+
| Cash and cash equivalents at year | | | 916 | 757 |
| end | | | | |
+-----------------------------------+----------+---------+----------+---------+
| | | | | |
+-----------------------------------+----------+---------+----------+---------+

Notes to the announcement:

1. Basis of preparation

The financial statements are prepared on the historical cost basis except that
freehold property is stated at fair value. The preparation of the financial
statements requires the Directors to make judgements, estimates and assumptions
that affect the application of policies and reported amounts of assets and
liabilities, income and expenses. The estimates and associated assumptions are
based on historical experience and various other factors that are believed to be
reasonable under the circumstances, the results of which form the basis of
making the judgements about carrying values of assets and liabilities that are
not readily apparent from other sources. Actual results may differ from these
estimates. These consolidated financial statements are presented in Pounds
which is the parent company's functional currency. All financial information
presented in Pounds has been rounded to the nearest thousand.

The financial information set out in this announcement does not constitute the
statutory accounts for the years ended 31 May 2010 or 2009 but is derived from
those accounts. Statutory accounts for 2009 have been delivered to the
Registrar of Companies, and those for 2010 will be delivered in due course. The
Auditors have reported on those accounts; their reports were (i) unqualified,
(ii) did not include a reference to any matters to which the Auditors drew
attention by way of emphasis without qualifying their report and (iii) did not
contain a statement under section 498 (2) or (3) of the Companies Act 2006.

2. Earnings per share

Earnings per 10p ordinary share is calculated by dividing the earnings
attributable to ordinary shareholders by the weighted average number of ordinary
shares in issue during the year. For diluted earnings per share, the weighted
average number of ordinary shares in issue is adjusted to assume conversion of
all potential dilutive shares.

+-------------------+---------+-----------+----------+---------+-----------+----------+
| | | | | | | |
+-------------------+---------+-----------+----------+---------+-----------+----------+
| | | | 2010 | | | 2009 |
| | Profit | Weighted | Earnings | Profit | Weighted | Earnings |
| | for | average | per | for | average | per |
| | the | number | share | the | number | share |
| | year | of | | year | of | |
| | | shares | p | | shares | p |
| | GBP'000 | Number | | GBP'000 | Number | |
+-------------------+---------+-----------+----------+---------+-----------+----------+
| | | | | | | |
+-------------------+---------+-----------+----------+---------+-----------+----------+
| Basic earnings | 2,702 | 8,489,485 | 31.83p | 2,052 | 8,470,636 | 24.23p |
| per share | | | | | | |
+-------------------+---------+-----------+----------+---------+-----------+----------+
| Dilutive share | - | 163,916 | 0.60p | - | 173,171 | 0.48p |
| options | | | | | | |
+-------------------+---------+-----------+----------+---------+-----------+----------+
| | | | | | | |
+-------------------+---------+-----------+----------+---------+-----------+----------+
| | | | | | | |
+-------------------+---------+-----------+----------+---------+-----------+----------+
| Diluted earnings | 2,702 | 8,653,401 | 31.23p | 2,052 | 8,643,807 | 23.75p |
| per share | | | | | | |
+-------------------+---------+-----------+----------+---------+-----------+----------+
| | | | | | | |
+-------------------+---------+-----------+----------+---------+-----------+----------+
| | | | | | | |
+-------------------+---------+-----------+----------+---------+-----------+----------+

3. Annual General Meeting

The Annual General Meeting of the company will be held at 12 Suffolk Street,
London SW1Y 4HG at 11am on 28 October 2010.

4. Further copies

Further copies of the Directors' report and financial statements will be
available, free of charge, for a period of one month following posting to
shareholders from the company's Nominated Adviser and Broker, Brewin Dolphin
Limited, 12 Smithfield Street, London EC1A 9BD, telephone: 0845 213 2000. Copies
of the full financial statements will be posted to shareholders as soon as
practicable.

A copy of this announcement will be made available on the company's website:
www.murgitroyd.com


This information is provided by RNS
The company news service from the London Stock Exchange
END

FR EAPNDEEPEEFF


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