25 August 2011 – Interim results

Despite a small fall in sales in the six months to 30 June, the international engineering group Molins has seen pre-tax profits more than double to £3.8m (2010: £1.7m) for underlying earnings per share of 6.3p (2010: 2.5p).  The interim dividend was maintained at 2.5p but net funds at the group rose to 6.3m (2010: £3.9m).  The increase in profitability was driven by a better product mix, strong activity levels and reductions in costs.  Order intake in the first half was significantly higher than last year and this bodes well for the second half of the year.  The shares remain a BUY.