11 November 2013 – interim results
Interim results to 30 September have shown a significant improvement as the company’s turnaround gains momentum – on revenues just 3% higher at £351.1m, the group has moved from an adjusted pre-tax loss of £1.6m in the six months to 30 September 2012 to an adjusted pre-tax profit of £17.1m this time. Earnings per share for the period on the same basis were 14.9p. These results have been driven by a solid performance in the UK and strong growth in Finland. The changes in senior management certainly seem to have had a positive effect in the short-term and the new team has announced that further restructuring will take place which will put the group on a sounder footing. This will result in further costs in the short term. Net debt at the end of the period was £34m. These results are clearly very positive and we remain BUYERS.