Regenersis – 194.5p

14 March 2013 – interim results

Interim results from outsourcing group Regenersis, covering the six months to 31 December, have revealed a 29% increase in revenue to £90.2m (2011: £69.9m), whilst adjusted pre-tax profits rose by 14% to £4.1m (2011: £3.6m).  Earnings per share on the same basis were 18% higher at 8.0p (2011: 6.8p) and a maiden interim dividend of 0.67p was announced.  These are excellent results with growth seen in all divisions, particularly the strategically important Advanced Solutions division.  Net debt had risen to £7.7m compared with £2.9m at the year end, reflecting the fact that £5.9m was spent on acquisitions during the period.  Current trading at the group is in line with expectations and the group sees opportunities for global growth both organically or by acquisition.   Full year profits could emerge at £8.5m for earnings per share of 15.6p – with further growth forecast for the next financial year, we continue to rate the shares as a BUY.

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