4 March 2019 – trading update
The company has revealed that revenue growth was nearly 6% in the second half of 2018 following a poor start to the year. For the year as a whole revenue was £32.5m and profit before tax is expected to be only marginally behind the prior year. There has been a ‘very strong’ start to the current year, which means that earnings could exceed those achieved in 2017, when diluted earnings per share were 34.8p. This puts the shares on a multiple of around 4x prospective earnings, which appears extremely low. We rate the shares as a BUY.