Budget boost for Novara

By THIS IS MONEY
Updated:

 

Educational equipment supplier Novara reported a slip in full-year pre-tax profit before exceptionals, but said a boost to education spending boded well for its sector.

Pre-tax profit eased 7% to £5.4m, before accounting for exceptional costs of £9.9m associated with infrastructure changes, but turnover rose 6% to £92.6m.

Chairman David Hankinson said Government plans for an additional £1bn investment in education announced in the Budget last week created a positive outlook for the sector.

'While not in any way minimising the severity of the systems setback last year, I am confident that the prospects for our business are more exciting than at any time in recent years,' he said in a statement.

Novara, which also supplies scientific and healthcare equipment, said it would pay a total dividend for the year of 2.5 pence, down from 5.75p total the year before. © Reuters

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