29 September 2015 – interim results
A strong set of figures has been released by the bicycles, sports and leisure goods business. Revenue in the six months to 30 June 2015 increased to £15.6m versus £13.7m a year earlier, driven by the Pro Rider acquisition. Operating profit before exceptional costs was £764k (2014: £170k). A number of exceptional and non-recurring items confuse earnings per share figures but profit before taxation and non-underlying items for the period was £659k, up from £99k in the six month period to 30 June 2014. The interim dividend was nudged up from 1.20p per share to 1.25p per share. A trading update also revealed sales up 5% in the twelve weeks beyond the period which the interim results relate to. We rate the shares as a BUY, with the E.S.C. (Europe) Ltd acquisition set to drive further value into the business.