13 December 2010 – interim results

Results for the six months ended 30 September 2010 have been released. Revenue rose by 4% to £17.1m, with underlying revenue excluding one-off events up 13%. Adjusted earnings per share from continuing activities remained constant at 3.6p. The numbers were complicated somewhat by the fact that some non-core activities have been disposed of following the period end, resulting in a write down of £4.8m. Trading remains in line with management expectations and on that basis the shares look far from expensive. Although no interim dividend has been declared, which may deter some investors, prospects look good and international opportunities are potentially very exciting. On balance we continue to rate the shares as a BUY.