30 August 2013 – interim results
The group has announced interim results t0 30 June revealing a 1% decline in underlying revenue to £113.6m although underlying pre-tax profit rose by 17% to £11.1m. Earnings per share on the same basis were also 17% higher at 5.21p although the interim dividend was raised by 53% to 1.15p. The group saw strong growth in France and the Middle East and this offset weaker market conditions elsewhere and these results show the resilience of the group’s geographic diversification. The group remains on track to deliver £5m of annualised efficiency gains by the end of the year and further progress looks likely over the medium term. We maintain our recommendation of BUY.