Cirqual, the aluminium extrusions and thermoplastic maker, has been a City favourite since its Aim launch last year. Some excellent interims and the prospect of potentially earnings-enhancing acquisitions have spurred the share price to a high of 250p from a float price of 122p.
The City was impressed by Cirqual’s acquisition of aerospace components maker Wollaston. Talks on its latest targets are at an advanced stage.
Steve Powell, group managing director, said: `The acquisitions are both component makers serving niche markets. We don’t look at businesses unless they show annual double-digit operating profit growth.’
Group profits doubled to £2.78m on sales up 46% at £13.47m. Earnings per share were up 52% at 8.26p.
Broker Neilson Cobbold has raised its full-year forecast by £200,000 to £5.53m, and is looking for an 8.5p dividend twice covered by earnings.