Patent group well-placed on Brexit
US growth hailed by patent group
Intellectual property group Murgitroyd said strong growth in the US was offsetting weaker demand in the UK and Europe.
The Glasgow-based business also said the geographic spread of its business puts in a strong position to weather any negative impacts of Brexit on its markets.
Chairman Ian Murgitroyd said although it is too early to evaluate “with certainty” what the longer-term consequences of the vote may be on the business and on European IP market more generally, “management remains confident that the geographic spread of Murgitroyd’s activities and customer base puts it in a strong comparative market position.
His comments came as the Glasgow-based company announced record results showing that in the full year to 31 May 2016, revenue increased 6.1% to £42.2m from £39.8m. The company said the growth reflected the continued return on investment in sales and marketing.
Profit before tax increased by 3% to £4.29m.
Murgitroyd said the company was continuing 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,” he said.
“These results reinforce the group’s ability to deliver sustainable and long-term growth, which combined with strong cash position, underpins the board’s commitment to a continued progressive dividend policy.”