27 September 2012 – interim results
Results for the six months ended 30 June 2012 were solid in the circumstances. Although revenue and profit before tax were both down, net cash increased to £8.0m and the interim dividend was held at 1.9p. The ex-dividend date is 10 October and any weakness in the share price at that time could present a very attractive entry point. We maintain our BUY rating.