May Gurney Integrated Services – 171p

4 December 2012 – interim results

The group has reported interim results to 30 September showing revenues up to £339m (2011: £325m) although underlying pre-tax profits on continuing operations fell to £11.1m (2011: £14.2m).  Earnings per share on the same basis fell to 11.8p (2011: 14.8p) and the interim dividend was maintained at 2.79p.    The problems at the group have been highlighted in previous trading statements and action has been taken to address these issues.  Although the market remains challenging further progress is expected in the second half and pre-tax profits for the full year are likely to come in at around £24m for earnings per share of 25p.  This makes the shares look cheap and they are a BUY

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