4 September 2012 – interim results

In the six months to 30 June revenue was up 7.7%.  Adjusted profit before tax was £6.0m (2011: £6.5m).  Adjusted fully diluted earnings per share of 1.9 p (2011: 1.8 p) were broadly in line with expectations.  Net debt rose to £57.5m (31 December 2011: £49.7m) but there was a 9.1% increase in the interim dividend to 0.36p per share (2011: 0.33p).  These results confirm ongoing progress and we are impressed with the recovery story.  BUY.