28 November 2018 – interim results
Results for the six months ended 30 September 2018 have been released, with the company remaining on track to meet full year expectations. Revenue was up 10% at £23.9m (2017: £21.8m) but underlying profit before tax was down slightly at £5.1m (2017: £5.3m) and basic earnings per share fell from 13.4p to 13.0p. Nevertheless, the interim dividend was nudged up from 2.2p per share to 2.4p. Foreign Currency Exchange income slipped due to the hot UK summer and the timing of Easter but other parts of the business performed well, including online jewellery retail where revenue was up 126%. We continue to believe that the shares are good value and reiterate our BUY rating.