18 September 2018 – interim results
Results for the six months ended 30 June have revealed a slump in revenue to £18.1m (2017: £29.2m) and profit before tax fell to £0.5m from £4.6m a year earlier. This translated into earnings per share of 0.6p (2017: 6.7p). The interim dividend was cut from 4.5p per share to 2.0p and although this is not covered by earnings cash at the period end was £21.7m. Although the results are disappointing, earnings tend to be lumpy in nature and we continue to believe that the shares look cheap. BUY.