Investors in quality control outfit Exova (EXO) finally got a break today, as shares gained on a full year earnings update.
The stock advanced 2.9% this morning to 150p but remain a long way below the 220p investors paid at an initial public offering (IPO) in April last year. Chief executive officer (CEO) Ian El-Mokadem says results are in-line with the guidance it gave at a disappointing half-year update which saw shares slump 12%.
'Looking ahead to 2015, we expect to deliver modest organic growth, good total growth and underlying margins broadly in line with 2014 even with the reduction in activity and uncertainty in global energy markets' he says.
Weak demand for aerospace and energy product testing is being offset by better performance in its fire and health sciences divisions, Mokadem says.
Revenue for the year to end-December 2014 fell 1.5% to £274.9 million and underlying earnings before interest, tax and amortisation (EBITA) declined 4% to £46.2 milion. Adjusted earnings per share was 11.8p, though there is no prior year comparative given by the company.