14 December 2017 – interim results
Interim results for the six months to 30 September 2017 have been released. Revenue for the period was £9.97m (2016: £10.20m) but like-for-like sales were up 2.9%. The average number of corporate stores was reduced compared to the same period in the prior year. Profit before tax was £589k (2016: £640k) and earnings per share were 0.57p (2016: 0.66p). An interim dividend of 0.135p per share (2016: 0.13p) was declared. Having paid a special dividend of £0.8m in May 2017, net funds were £1.64m (2016: £1.80m). Like-for-like sales since the period end have shown further improvement on the first half performance, which is encouraging. We continue to believe the shares are cheap and the company is fundamentally undervalued. BUY.