5 December 2017 – interim results
Following the profit warning of 24 November, the group has announced its interim results for the six month period to 30 September and these have contained no surprises with revenues up by almost 4% to £76.2m with adjusted pre-tax profit declining to £0.73m (2016: £2.6m). Earnings per share on the same basis were 1.0p (2016: 3.7p) and the interim dividend was maintained at 0.6p per share. Although net debt had risen to £10.m at the end of the period (2016: £4.9m) it is expected to reduce to under £7m by the year end. Clearly the shares are not without risk but we believe they merit a SPECULATIVE BUY rating.