25 November 2014 – interim results
The foundry and engineering group has announced interim results for the six months to 30 September revealing a welcome move back into the black as adjusted pre-tax profits of £0.4m were reported compared with a loss of £0.6m in the same period last year. Revenues at the group rose by over 8% to £21.1m (2013: £19.5m) with increases being recorded in both divisions. Underlying earnings per share were 3.9p and net debt at the period end was £3.8m, up from £3.6m at 31 March, reflecting an increase in receivables of £0.5m over the period due to the increase in revenues. These are encouraging results and the group is on track to meet market forecasts for the current financial year of adjusted pre-tax profits of £0.8m for earnings per share of 9.5p. The shares have risen 23% since our tip in August but they remain ATTRACTIVE.