22 August 2012 – interim results

The office supplies business has produced interim results for the six months to 30 June which have revealed a 14% increase in revenue to £113.2m (2011: £99.5m) with underlying pre-tax profits steady at £4.7m (2011: $4.7m).  Underlying earnings per share dipped to 7.7p (2011: 8.5p) and the interim dividend was held at 3.6p.  With net debt of some £30.2m (2011: £28.9m) we have reduced our recommendation to HOLD.