Murgitroyd Group share price up as patent company reports boosts to revenue and profit for its six months ended November 2015

Hayley Kirton
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These results are the first in which the company has recorded revenue over £20m for the first six months (Source: Getty)

Murgitroyd Group has today revealed profit before tax of £2.1m for its six months ended November 2015, up 6.6 per cent from just under £2m in 2014.

The patent and trademark legal services company also announced that it had seen revenue grow by 5.7 per cent to £20.4m, up from £19.3m in 2014.

Share price for the AIM-listed company jumped after the results were revealed, closing up 1.8 per cent for the day at 570p.

"This is the first time that the group has reported revenue in excess of £20m in the first half of the year which reflects the return on ongoing investment in the operating businesses' people, systems and processes," said group chairman Ian Murgitroyd. "Furthermore the group has continued to pay down debt in the first half."

The legal services firm also revealed that it had increased its net cash position to £888,000, compared to £288,000 the year before. Outstanding term loan debt owed by the company also fell from £1.4m to £704,000.

Murgitroyd added: "We continue to see strong growth in revenue from the USA which remains both a key geographical area for investment and an important growth market. It is the largest source of European Patent applications and our growing presence there offsets weaker European demand."

Today's results are largely in line with management's expectations and the company expects to continue this performance through the second half of its financial year.