2 April 2014 – final results
Group revenue for the year to 31 December 2013 was £231.9m versus a restated £227.0m for 2012. Underlying profit before tax was static at £4.2m but reported profit before tax was £1.8m versus a restated £1.6m loss for the previous year, reflecting lower non-recurring charges of £0.8m (2012: £4.0m). Basic earnings per share were 3.6p (2012: 3.9p loss) and underlying earnings per share were 8.7p (2012: 8.5p). Net debt was cut to £21.8m (2012: £29.0m) but no final dividend will be paid (2012: 3.6p). The company sees underlying profitability falling in the current year due to a weak market overall. There is little to provide excitement in the short term and it is no surprise to see the shares languishing. However, the business continues to generate cash and has a market capitalisation of just £8m so there is scope for considerable upside if and when the tide does turn. SPECULATIVE BUY.