26 November 2014 – interim results
In the six months ended 27 September 2014 revenue increased by 0.5% to £21.05m (2013: £20.94m) with revenues adversely affected by the relative strength of Sterling versus the US Dollar during the period. It should be noted that profits were virtually unaffected overall, since adverse translation of results from operations in North America was mitigated by cost savings on imports into Europe. The underlying Group pre-tax profit before pension credit interest and amortisation of shareholder loan and share option costs was £0.67m (2013: £0.61m). Underlying earnings per share, the most meaningful measure of performance, edged up from 0.64p to 0.65p. No interim dividend was declared. Although trading conditions are a little tricky, we feel that the business is undervalued by the market and rate the shares as a BUY.