21 September 2017 – interim results
In the six months to 30 June, the marketing communications and advertising group has reported a 4% increase in revenues to £33.8m (2016: £32.4m) with adjusted pre-tax profit rising by over 10% to £2.85m (2016: £2.58m). There was good organic growth from the group’s core business and some impressive business wins during the period with these including Mars, Universal Studios, Revlon, Neff and Reckitt Benckiser. Earnings per share rose to 2.58p (2016: 2.33p) and the interim dividend was increased by 10% to 0.55p (2016: 0.50p). Strong operating cash flow led to a reduction in net debt to £9.2m (31 December 2016: £11.3m). A promising statement by the group bodes well for the second half. The share price hardly ever seems to really move but at some point investors will wake up to the progress being made at the group and we therefore rate the shares as a BUY.