4 September 2013 – interim results
In the six months to 30 June, Belgravium has reported revenues of £4.08m (2012: £4.32m) due to the slow start to the year. A better second quarter was seen though which enabled adjusted pre-tax profits to come out at a similar level to the same period last year at £142k (2012: £151k) and earnings per share on the same basis improved slightly to 0.14p (2012: 0.13p) due to a lower tax charge. Although cash balances had fallen to £239,000 at the end of the period compared to £1.61m at the beginning of January, this was partly due to paying for an acquisition during the period, but was also due to an increase in debtors thanks to the improvement in sales in the second quarter. This cash is being collected in the third quarter and the cash position is therefore already improving. With an improving second half in prospect we continue to rate the shares a s a BUY.