24 August 2011 – interim results

Results for the six months ended 30 June 2011 were reassuring, with profit before tax edging up ro £9.1m from £9.0m a year earlier.  Earnings per share slipped to 4.1p (2010: 5.0p) but the interim dividend was lifted from 1.35p per share to 1.65p.  The net asset value per share was 146p (31 December 2010: 145p).  It was particularly pleasing to see net funds of £0.6m at the period end versus net debt of £11.4m as at the end of 2010. 

The company has said that trading in the current year remains in line with expectations.  Although trading conditions are far from ideal, the business is well positioned and the shares trade at a discount to their net asset value, which should support the price.  We continue to rate the shares as a LONG TERM BUY.