11 September 2014 – interim results
In the six months ended 30 June, net revenue was £14.5m (2013: £14.2m) and although profit before tax halved to £1.2m, adjusted earnings per share of 0.70p were recorded (2013: 0.87p). The interim dividend was lifted to 0.22p per share (2013: 0.18p). The Group continues to be highly cash generative, with net cash generated from operations of £1.9m. Cash and cash equivalents were £14.3m at the period end (2013: £14.9m), which net of player balances of £1.6m was £12.6m. This is equivalent to 4.3p per share in issue at the 30 June. The company has said it will be reviewing the use of cash balances at year end. It is puzzling to see that the shares remain weak and we retain our BUY rating.