19 August 2013 – interim results
The group has announced its interim results for the six months to 3o June revealing a 78% increase in revenue to £163.3m, whilst adjusted pre-tax profits increased by 50% to £52.5m. Earnings per share on the same basis were 17% higher at 1.1p. Net debt at the end of the period was £14.1m compared with net cash at the start of the period of over £16.5m. These results show that the group continues to make progress and is expanding quickly although the increase in net debt is a concern. We reduce our recommendation to HOLD.