28 September 2011 – interim results

The group has reported record sales in the first half of the year to 30 June with these rising to £9.7m (2010: £7.6m). Adjusted pre-tax profits have increased by 21% to £1.77m (2010: £1.47m) with earnings per share on the same basis also up by 21% at 27.3p (2010: 22.5p).  Adjusted net debt at the end of the period had risen to £3.1m from £0.8m at the end of December 2010 mainly reflecting the £3m acquisition of Deben UK in March.   Trading in the second half has started well although the group would not be immune to a downturn in the economy.  Nevertheless, prospects for the group look good and we continue to rate the shares as a  BUY.