13 March 2019 – final results

Results for the year ended 31 December 2018 were solid.  Net fee income was £72.3m (2017: £69.4m), up 4% and 6% in constant currency.  Adjusted profit before tax was £11.4m versus £11.0m in 2017.  Adjusted diluted earnings per share were 12.1p, down 3% on the previous year.  The final dividend was up 52% to 2.0p (2017: 1.32p).  Adjusted net debt reduced over the course of the year to £17.1m (2017: £19.5m).  The company is cautiously optimistic with regards to 2019 and given the low rating the shares are on we see no reason to change our BUY rating.