8 September 2010 – interim results

Further excellent progress has been made by the group in the six months to 30 June and revenues have increased by 47% to £14.5m (2009: £9.9m) with pre-tax profit before exceptional items rising to £2.08m (2009: £0.90m).  Earnings per share on the same basis rose to 1.42p (2009: 0.64p).  Following the acquisition of Corpura and the move into the new facilities at Winsford, net debt at the end of the period was £0.3m (30 June 2009: net funds £4.2m).  These are clearly very good results and the company is making excellent progress with its LiquiBand product in the US, whilst regulatory approval  for the product has been received in Japan and Canada.  Long term prospects for the group remain very promising although much of this is already in the share price as earnings per share for the current year are forecast to be around 3.5p.  Following the strong run in the share price over recent months we would suggest that any readers who hold the shares take some profits – REDUCE.