10 September 2013 – interim results
In the 6 months to 30 June, net revenue increased by 36% to £14.2m (2012: £10.4m) with pre-tax profit rising by 47% to £2.3m (2012: £1.6m). Earnings per share rose to 0.82p (2012: 0.57p) and the interim dividend was raised by 20% to 0.18p (2012: 0.15p). The group continues to be highly cash generative and ended the period with net cash and cash equivalents of £13.1m (2012: £9.5m), equivalent to 4.5p per share. Trading at the company continues to be strong and the group is on line to meet market expectations for the year as a whole. Forecasts for the year are for pre-tax profits of £4.6m for earnings per share of 1.5p and we retain our recommendation of BUY.