25 November 2019 – interim results

Results for the six months ended 30 September 2019.  Revenue was £27.8m (2018: £28.6m) and operating profit £1.3m (2018: £1.7m), although adjusted operating profit was slightly better at £1.4m (2018: £1.7m).  Basic earnings per share were 5.4p (2018: 6.9p) and adjusted basic earnings per share 5.6p (2018: 7.4p).  Net bank debt was £0.7m as at 30 September 2019 versus net cash of £2.0m six months earlier and net bank debt of £0.3m as at 30 September 2018.  The company is optimistic about the outlook given stronger performance in the second quarter and a solid order book.  The shares look cheap and we keep our BUY rating.