27 September 2016 – interim results
In the six months to 30 June 2016 turnover increased by 57% to £18.5m (2015: £11.7m). Underlying profit before tax before adjusting items increased by 48% to £3.5m (2015: £2.3m). Adjusted earnings per share increased by 44% to 3.19p (2015: 2.21p). Organic turnover growth measured on a like for like basis and including the organic growth generated by the six 2015 acquisitions was 21%. An interim dividend of 0.7p per share has been declared. Net debt at 30 June 2016 was £7.7m, up from £6.3m at 31 December 2015. The increase in borrowing was mainly due to an increase of £3.5m in working capital. The shares continue to look cheap and we maintain our BUY rating.