30 November 2011 – interim results

Taken at face value, numbers for the six months ended 30 September 2011 were impressive.  Although revenue was static at £16.3m, profit before tax excluding amortisation, exceptional costs, unrealised foreign exchange translation and derivative gains/losses rose by 10.5% to £1.97m (2010: £1.79m) and adjusted earnings per share were 5.3p (2010: 4.8p).

We have faith in the long term prospects of the business and the fact that net debt was cut by £3.6m to £11.2m demonstrates strong cash flow.  A maiden interim dividend of 0.33p is welcome.  At the current level the shares are a BUY.