18 January 2016 – trading update
The group has issued a trading update for the year ending 31 December which has revealed that revenues for the year are expected to be some 18% higher at £44.7m with profits and earnings per share expected to be in line with market expectations. Adjusted pre-tax profits for 2015 are expected to be £6.7m (2014: £6.0m) with earnings per share on the same basis likely to be 12.3p (2014: 11.4p). Although industrial markets present some challenges the company remains optimistic about the future and further progress is expected in 2016. Revenues are forecast to increase to around £53m and adjusted pre-tax profits to £8.0m for earnings per share of 14.8p. This puts the shares on a prospective p/e ratio of just 7.1x – with the shares also yielding 5.2% this looks a clear opportunity to BUY.