LONDON (ShareCast) - Shares in cigarette vending machine maker Molins rose 6% after it almost doubled annual pre-tax profit and increased revenue following a strong final quarter.

Performance in Packaging Machinery improved significantly in the year and Scientific Services continued to perform strongly, the group said. Trading at Tobacco Machinery was lower than in the previous year and as a result the group has reduced its cost base.

"Although the economic environment remains uncertain and market conditions are challenging, we are cautiously optimistic about the future performance of the group," said chief executive Dick Hunter.

Pre-tax profit on continuing operations rose to £4.1m in the year ended
31 December 2010 from £2.1m before. Revenue rose to £86.4m from £83.8m previously.

The group incurred exceptional charges in the year of £1.6m before tax in respect of reorganisations within the Tobacco Machinery division.

Molins said it entered 2011 with an order book only slightly lower than that of the year before, with satisfactory levels of prospective projects under discussion.

The final dividend has been maintained at 2.5p per share.

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