6 November 2013 – interim results
A solid looking set of interim results has been announced. Although revenue was only up 1.6% to £3,301m (2012: £3,250m), underlying profit before tax was up 43.7% at £28.3m (2012: £19.7m). Earnings per share on the same basis were static at 1.9p due to the dilutive effect of the rights issue completed earlier this year. The fundraising has clearly bolstered the balance sheet, with net debt down over 30% on 12 months earlier. We continue to believe that this is a sound business and keep our BUY rating.