26 July 2011 – interim results

A very solid set of numbers has been posted for the six months ended 30 June.  Although turnover was virtually static at £97.8m (2011: £98.1m) profit before tax jumped from £1.8m to £2.9m.  Basic earnings per share were 1.85p versus 1.58p a year earlier and adjusted earnings per share leapt from 0.96p to 1.71p.  The dividend was lifted to 0.5p (2010: 0.43p).  We retain our BUY rating.