25 July 2018 – interim results
The engineering components group which supplies the window anddoor industry has announced its interim results for the six months to 30 June and these have revealed a 6% increase in revenue to £274.9m (2017: £260.4m) with underlying pre-tax profits also increasing by 6% to £33.3m (2017L £31.4m). Underlying earnings per share rose by 8% to 13.11p (2017: 12.09p) and the interim dividend was raised 7% to 3.75p (2017: 3.5p). Net debt at the end of the period had risen to £220.1m (2017: £190.4m) due to acquisitions made during the period. The integration process with these is going well and with higher order books than a year earlier, prospects for the second half are encouraging. Full year profits could emerge at £74m for earnings per share of 28.4p. A prospective p/e ratio of just 12.1x looks too low and the shares are a BUY.