2 August 2012 – interim results

A very solid set of numbers has been released for the six months to 30 June 2012.  Revenues were £22.8m, up by 2% on the comparative period (2011: £22.3m).  Profit before tax rose by 6% to £1.5m (2011: £1.4m).  Earnings per share were up by 10% to 10.15p (2011: 9.23p) and this allowed the interim dividend to be increased by 15% to 4.50p per share (2011: 3.90p).  We maintain our BUY rating.