6 March 2014 – interim results
The video security systems group has announced interim results for the six months to 31 January showing revenue up by 14% to £18.4m, whilst pre-tax profits were 33% ahead at £1.27m. Earnings per share were 51% higher at 15.9p and the interim dividend was raised 9% to 6p. These are the first interim results announced since the group changed its year end to 31 December from 31 July, but they are clearly impressive with the EMEA, Asia Pacific and US each growing sales by 23% although lower sales were recorded in Canada. The group’s order intake remains well ahead of last year and new project wins include the FIFA 2014 World Cup, city surveillance in Malaysia and airports in San Paulo and Edinburgh. The group has launched a new range of cameras which is helping to drive sales and the second half has started well. The group ended the period with cash of £1.78m and no borrowings and with further growth expected going forward we rate the shares as a BUY.