9 June 2014 – interim results
In the six months to 31 March, revenues rose to £7.94m (2013: £6.37m) and adjusted pre-tax profits increased to £1.14m (2013: 0.93m). Adjusted earnings per share on continuing operations rose to 2.1p (2013: 2.0p) and the interim dividend was increased to 0.80p (2013: 0.65p). Both divisions reported an increase in revenues, with the multi-channel retail division benefitting from the acquisition of One iota. The balance sheet remains strong with net cash at the end of the period of over £5m and this will help to fund future growth whether this is organic or by acquisition, although in the current financial year the group intends to focus on the continued integration and growth of last year’s acquisitions. Although the economic environment is improving, the group will continue to adopt a cautious approach. However, with a strong order book and improved market position, helped by the latest acquisitions, the outlook for the rest of this year and beyond is clearly promising. The shares are a LONG TERM BUY.