8 September 2015 – interim results
In the six months to 30 June, the group has made further progress with revenues increasing by 27% to £25.1m and adjusted pre-tax profits rising by 54% to £1.4m. Earnings per share on the same basis were 61% higher at 4.2p and the interim dividend was 29% higher at 0.9p. The group continued to trade strongly in the first half with significant progress being made in the strategic objective to move from a traditional electronic manufacturing services business to an integrated technology led organisation. Revenues grew strongly during the period with a greater proportion being of higher value and higher margin products so that profits grew at a faster rate. We believe that the second half will be stronger than the first following the pattern of previous years and benefiting from acquisitions. Pre-tax profits for the full year should therefore come out at around £4.0m for earnings per share of 8.9p. Although the shares do not seem cheap on those figures, further growth in 2016 is expected to result in profits of £6m for earnings per share of over 12p. The shares therefore remain ATTRACTIVE.