Blick Plc, the Swindon, Wiltshire-based time recording and communications group, has had a healthy year to the end of September, despite the economy being slower out of recession than it expected. Pre-tax profit was up 9.7% to UKP9.4m on turnover up 6.4% to UKP32.8m. The Time Division, specialising in time management systems, however suffered a 3.5% fall in operating profit, although managing director Ian Scott-Gall said the TAMS Time Attendance Management System, the division’s main product, has seen improved success in the past two months. By contrast, the communications division, whose business includes radio paging equipment and the supply of television signals to the local authority housing market, saw operating profit rise 25.9% to UKP5.4m and turnover up 8.2% to UKP19.5m. Total cash balances stood at UKP6.6m at the year end, although this has since been used towards the acquisition of the Time & Security business of Mercury Communications Ltd, finalised on November 19 this year. Time & Security sells, rents, installs and maintains public address systems and fire and security systems. The company financed the purchase with a UKP20m rights issue that had a 97.9% shareholder take-up, along with bank loans and guarantee facilities amounting to UKP40m in total. The acquisition is seen as an opportunity to develop the rental side of its business in the future. At the year-end the company’s gross future rentals under contract stood at UKP87m. As a result of the purchase the gearing ratio now stands at 150% and the company hopes to return this to zero by the first quarter of 1996. The board is recommending a final dividend of 6.9 pence net per share, which along with the interim 3.3 pence dividend adds up to a rise of 10.9% to 10.2 pence net per share.
