29 September 2015 – interim results
In the six months to 30 June the group has reported a 56% increase in revenue to €72.4m (2014: €46.5m), whilst pre-tax profits were 37% higher at €22.0m (2014: €16.1m). Earnings per share during the period increased by 14% to €0.049 (2014: €0.043), and net cash at the end of the period was €47.4m (31 December 2014: €40.4m). These are clearly excellent results and the strong business momentum is expected to continue in the traditionally stronger second half. The group’s strong cash flow covers all its existing requirements and will provide funds for small selective acquisitions. However, it is still in discussions regarding the issue of a sizeable high yield bond to provide the funds for significantly larger acquisitions. Although the shares have enjoyed a useful bounce in the last couple of weeks they remain a BUY.