Belgravium more than doubles profit

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Data capture company Belgravium Technologies more than doubled its profit in 2011 after becoming debt free.

The Bradford-based firm increased pre-tax profit from £432,000 to £1.02m for the year to the end of December, while turnover increased to £11.2m, from £8.2m in 2010.

Belgravium said a major objective of repaying its term loan had been achieved and the business was now debt-free.

Executive chairman John Kembery said: “2011 was a very good year in which we delivered a strong financial performance and made substantial progress in achieving our strategic objectives.

“Looking forward, although visibility on sales is always limited, we believe our market position has strengthened and that we are well placed to capture future opportunities.”

The company said it intends to restore dividend payments at 10p per share.