24 September 2019 – interim results

In the six months to 30 June the company reported a 5.7% increase in revenue to £59.6m (2018: £56.4m) with underlying pre-tax profit rising by 3.3% to £5.6m (2018: £5.4m).  Earnings per share fell to 5.0p (2018: 5.8p) partly due to an increase in the number of shares in issue and the interim dividend was raised to 2.13p (2018: 2.03p).  Net debt at the period end was £18.8m (2018: £18.0m).  Although these figures are perfectly respectable the company has revealed that it has recently seen a downturn in trading due to Brexit related nervousness and this has caused the share price to come down.  Although in the short-term the shares are unlikely to perform the longer term prospects remain promising and the shares are a LONG TERM BUY.