Murgitroyd (MUR): Global growth coming through
Murgitroyd announced results on 12th September, with a welcome return to PBT growth in H2 (+6.9% vs prior year, EPS -8.4% due to tax charge which contained some H2 one offs). The long-term trends of steady market growth are intact. Margins are starting to point upwards. There is continuing investment in business development, and in scale (including a 2016 acquisition which saw H1 integration costs). We anticipate an H2 profit weighting once more, in the current year.
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