29 August 2014 – interim results
In the six months to the end of June, the group has reported that revenues have risen 3% to £117.4m with the group’s operational gearing meaning that pre-tax profits rose by 11% to £12.3m. Earnings per share increased by 8% to 5.63p but the interim dividend was raised by 22% to 1.40p. Net debt was 9% lower than a year earlier at £98.2m. Strong growth was seen in the key businesses in the UK and the Middle East although the market in Continental Europe remains challenging. During the period the group invested £21.4m in its rental fleet but due to the strong cash flows at the group, net borrowings only increased slightly from the level of £97.7m last December at the year end. The company has successfully renegotiated its debt facilities and a cautiously optimistic statement on second half prospects means that the shares remain a BUY.