Domino Printing Sciences Plc, a U.K. producer of ink and laser equipment to make barcodes, said full-year profit almost doubled as its customers increased their capital spending.
Net income for the year ended Oct. 31 rose to 37.1 million pounds ($58.9 million), or 33.88 pence a share, from 19.2 million pounds, or 17.76 pence, a year earlier, the Cambridge, England-based company said in a statement today. Sales climbed 17 percent to 300 million pounds.
“Our customers increased their capital expenditure in 2010 resulting in increased demand for our equipment,” Chairman Peter Byrom said in the statement. “Whilst economic concerns do remain in Europe, our strength in the fastest growing regions of the world, China, India, South America and eastern Europe, gives us confidence as we enter 2011.”
The company may expand its business through acquisitions, Managing Director Nigel Bond said in a phone interview. “We want to expand our company and add on businesses that will complement our product range and technology.”
Domino shares rose 1.9 percent to close at 574 pence at 4:30 p.m. in London, giving the company a market value of 633 million pounds. The stock has gained 74 percent this year.
Domino said its net cash balance increased 20.4 million pounds in the year to 49.5 million pounds at the year end.