20 September 2016 – interim results
The specialist waste management group has announced interim results for the six months to 30 June, revealing that revenues for the period rose by 17.6% to £36.8m (2015: £31.3m) whilst pre-tax profits before exceptional items were a same again £3.1m. Earnings per share on the same basis rose by 5.2% to 2.42p (2015: 2.30p), due to a lower tax charge. Net debt at the end of the period was £12.9m, up from £4.3m at the start of the year, although borrowings increased by £8.9m following the acquisition of Colt Holdings during the period. Theses were solid results and the full year outcome is expected to be in line with expectations. We re-iterate our recommendation of BUY.