16 June 2016 – interim results

Interim results for the first half have been released and these were impressive across the board.  Revenue increased by 16.6% to £70.8m (2015: £60.7m) and underlying profit before tax increased by 22.3% to £11.5m (2015: £9.4m), translating into underlying diluted earnings per share of 14.75p (2015: 14.05p).  The interim dividend was increased by 7.1% to 3.00p per share (2015: 2.80p) and net assets rose to £140.9m (2015: £130.8m).  On balance we continue to believe that the shares offer good fundamental value and retain our BUY rating.