Murgitroyd posts rise in FY profit and revenue on good US performance

Patent attorney firm Murgitroyd reported an increase in full-year pre-tax profit as revenue grew and the dividend was lifted following an encouraging performance in the US.

For the year to the end of May, pre-tax profit rose to £4.29m from £4.16m on revenue of £42.2m, up from £39.8m, which the company said reflected its continued return on investment in sales and marketing.

Mugitroyd proposed a final dividend of 11.25p per share, giving a total dividend for the year of 16p, up 8.5% year-on-year.

Chairman Ian Murgitroyd said: “I am pleased to be able to report an increase in pre-tax profits together with another year of record revenues. We continue to see good growth in the USA which remains the main focus of business development activity for the group.

"It is the largest source of European Patent applications and our growing presence there offsets continuing weaker European demand, including in the UK. The geographic spread of our activities and customer base however puts us in a strong position to counter any weakness in individual markets.”

The company said that notwithstanding the uncertainty from the UK’s decision to leave the European Union and the continuing, broader, macroeconomic challenges to be addressed across Europe, it remains encouraged by its ability to win new business, particularly in the USA, and is committed to the delivery of sustainable higher earnings as well as increased revenue over the longer term.

At 1440 BST, Murgitroyd shares were down 1.8% to 547.50p.