20 July 2011 – interim results

A good set of figures has been released, covering the half year to 30 June, although the share price has slipped on the back of the news.  Earnings per share were up 14% to 10.13p (2010: 8.89p) and that allowed the interim dividend to be lifted from 2.53p to 3.00p.  We continue to believe the shares represent GOOD VALUE.