17 November 2016 – interim results
In the six months to 30 September, the group reported an 8.5% increase in revenue to £128.8m (2015: £118.7m) whilst underlying pre-tax profits rose by 11.7% to £10.5m (2015: £9.4m). Diluted earnings per share on the same basis were 9.3% higher at 12.9p (2015: 11.8p) and the interim dividend was raised by 9.1% to 2.4p (2015: 2.2p). . Net debt at the period end had fallen to £27.5m from £29.2m a year ago. These results were much as expected and a confident statement bodes well for the second half. As we only recommended the stock last week there is probably little else to add at this point and we maintain our recommendation of BUY.