29 March 2019 – final results

The financial services group has announced results for 2018, with performance broadly in line with the prior year.  Profit before tax was £2.7m (2017: £2.7m), equating to earnings per share of 1.54p (2017: 1.70p) but total assets have increased by 13.8% to £196.9m (2017: £173.0m) and total shareholder equity has increased by 14.3% to £19.7m (2017: £17.3m).  This means that the share price represents a significant discount to the net asset value.  We keep our BUY rating although patience may be required.