17 September 2014 – interim results
In the six months to 30 June, the stockbroking group produced excellent results with revenues increasing by 226% to £65.2m (2013: £20.0m) and pre-tax profits increasing by 653% to £23.5m (2013: £3.1m). Earnings per share were 700% ahead at 31.2p (2013: 3.9p) and the interim dividend was doubled to 7.0p (2013: 3.5p). Cash held by the group at the end of the period had risen to £43.2m, an increase of £12.9m over the period. These results have benefited from the high level of operational gearing at the group which sees increases in revenue flow through to significant increases in profits. The group has benefited from the strong UK stockmarket and has completed 18 transactions during the period, including the IPO of the AA. The second half has started well and despite the rise in the share price we continue to rate the shares as a BUY.