5 August 2014 – interim results
The group has announced its interim results for the six month period to 30 June, which have revealed a 1% increase in turnover to £223.8m (2013: £221.6m) with underlying pre-tax profits rising by 12% to £20.8m (2013: £18.5m). Earnings per share on the same basis were 15% ahead at 20.3p (2013: 17.7p) and the interim dividend was raised 7% to 6.4p. These results have benefited from the fact that the group operates in many geographic regions as well as serving different end markets. Despite the negative impact of currency movements, the group has performed well and a strong performance in the second half is expected. Normalised full year pre-tax profits are expected to be in the region of £42.7m for earnings per share of 41.2p. Although the shares have disappointed since they were first recommended at 564.5p back in April, we maintain our recommendation of BUY.