14 March 2016 – final results
The company has capped a disappointing 2015 by confirming that there will be no final dividend. Subject to trading being satisfactory then dividend payments should recommence. Sales were down 4.9% to £33.0m and underlying profit before tax reduced by 21.7% to £8.3m. Free cash generation was still strong at £10.6m, compared to £13.0m a year earlier. In the first 9 weeks of 2016 there has been modest sales growth and the US opportunity looks interesting. We feel that now is a good time to BUY with the shares relatively out of favour.