Murgitroyd raises divi on solid full-year result

Murgitroyd, Scotland's only listed firm of patent and trade mark attorneys, said years of investment had put it in a 'strong competitive position' as it booked a rise in full-year profits.

Ian Murgitroyd: 'four years of significant investment'. Picture: Contributed

Releasing results for the year to the end of May, the group said underlying profit before tax increased by 7 per cent to £4.1 million '“ a figure the firm had flagged last month.

That was despite revenue dipping to £43.9m from £44.3m. The board is proposing a final dividend of 14.5p per share, giving a total payout for the year of 21p, up from 17p.

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Ian Murgitroyd, non-executive chairman, said: 'I am pleased to report an increase in underlying pre-tax profit and record year-end cash balances for the period under review.

'Four years of significant investment in our pan-European footprint, software and business development, as well as back office efficiencies has put us in a strong competitive position to help offset any weakness in individual markets and to remain at the cutting edge of client-service and productivity.

'The board remains confident that it can continue to deliver sustainable long-term growth and value to shareholders, which together with an increasingly strong balance sheet, has allowed us to again propose an increased final dividend, consistent with the board's progressive dividend policy.'