23 September 2013 – interim results
In the six months to 30 June, the group has reported revenues up 52% at €32.03m, whilst pre-tax profits were up 74% at €14.47m. An interesting feature of the results was that international revenues rose by 74% to €28.40m so that these now represent 89% of total revenues. Earnings per share for the period were up 58% at €o.o41. Net cash at the end of the period was €10.84m. The traditionally stronger second half has started well and the group is on track to achieve profit forecasts of £24.5m for the year. This would give earnings per share in sterling terms of 5.8p – given the rapid growth being achieved at the group we think that the sharp rise in the share price can be justified and the shares have further to go. Continue to BUY.