Fayrewood, the British computer services group in which Irish financier Mr Pierce Casey has a 14.5 per cent stake, has reported strong results with sales in the year to the end of April up 44 per cent to £169.3 million sterling (€270 million).

Profits for the year jumped from £2.5 million to £13.1 million but that profit figure includes a £8.5 million exceptional gain following the flotation of its Computerlinks subsidiary on the Neuer Market last year. Even when that exceptional gain is excluded, profits for the year totalled £4.6 million.

In July last year, Fayrewood floated Computerlinks and raised £20 million in cash while retaining a 50.1 per cent stake. Computerlinks was floated at €22 a share and has risen since to almost €58, valuing Fayrewood's stake at €172.8 million.