20 August 2013 – interim results
Although trading at the group is improving, the poor first quarter has meant that adjusted pre-tax profits fell slightly to £11.5m (2012: £11.8m) in the six months to 30 June. Earnings per share were a same again 5.5p although the interim dividend was increased to 1.6p from 1.5p as a sign of confidence in the future. The group has a strong balance sheet with net cash of £9.0m at the end of June and following a re-organisation the group is now focusing on the Sensing and Control business which is thought to have greater growth potential. With a better second half in prospect the shares are a BUY.