A building materials mini-conglomerate, Ensor has had a rough few years but seems to have turned the corner. Pre-tax profits before goodwill impairment nearly doubled to £746,000 in the year to March, on sales up from £17.1m to £20.4m. CMS Tools, a specialist tools supplier acquired in May 2002, contributed £2.4m of those sales and £351,000 of operating profits, though there was also a marked improvement in continuing operations, where operating profits more than tripled. These operations are quite diversified and semi-independent, with Ensor Building Products supplying building materials, Hawkins-Salmon providing security fencing, Ellard and Powerplus selling electronic and electrical motors, SRC manufacturing rubber crumb (a product for sports hall flooring) with Lowland Ensor Doors and OSA Door Parts making commercial doors. Long-serving chairman Ken Harrison says that sound plans are in hand for further improvements, adding that 'as this is achieved, we will again be looking at suitable acquisitions'. Generally, the mood is one of optimism, though increased insurance costs and the current state of 'partial recession' bring caution. With earnings per share of 1.8p last year, and a total dividend payout of 0.75p, the shares trade at nearly ten times earnings and yield 4.3%. With tangible NAV of £4.9m, the rating looks more fair than cheap, after a good run before the results.