1 August 2013 – interim results
A solid set of figures has been released covering the six months to 30 June. Exceptional items clouded the situation somewhat and profit after tax was 33% lower at £1.0m (2012 £1.5m) and basic earnings per share were 0.55p (2012 1.06p), reflecting the after tax effect of exceptional items and new share issues. Net debt was reduced to £12.9m and the interim dividend was lifted from 0.55p per share to 0.6p. At this level the shares have had a very good run and we reduce our recommendation to HOLD for now.