30 April 2020 – final results

Results for the year ended 31 December 2019 have been released.  Revenue from continuing operations was broadly unchanged at £112.4m versus £112.1m a year earlier.  Profit before tax from continuing operations slipped from £6.92m to £4.70m and this meant that diluted earnings per share fell from 8.28p to 6.10p.  Dividends have also been suspended.  It is clear that 2020 is almost certain to be another difficult year overall but this is priced in and we keep our BUY rating.