16 September 2010 – interim results
Excellent interim results have been produced by this technology group, with revenues in the six months to 30 June increasing by 45% to £20.6m (2009: £14.2m) whilst pre-tax profits before exceptional costs rose to £2.46m (2009 £0.17m). Diluted earnings per share after exceptional costs emerged at 2.41p (2009: loss of 0.45p) and net debt at the period end was £1.52m.
The future for the group looks very exciting as increasing sales have a disproportionate effect on the bottom line due to high operational gearing and the acquisition of Hartest Holdings recently will have a beneficial effect. Pre-tax profit forecasts for 2010 have been increased to £4.9m for earnings per share of 4.2p. With further significant progress expected in 2011 the shares are too cheap and are a STRONG BUY.