25 June 2019 – interim results

The specialist engineering group has announced its interim results for the six month period to 31 March and these exclude discontinued operations following the sale of the Alternative Energy Division.  Revenue on continuing operations rose by 59% to £14.5m (2018: £9.1m) whilst adjusted pre-tax profit was £1.12m (2018: loss of £0.25m).  Adjusted earnings per share were 6.2p (2018: 0.4p) and no interim dividend is payable.  Net debt at the period end (excluding finance leases) was £7.9m (2108: £8.4m) although this will have been reduced slightly following the sale of the discontinued business.  This is currently a period of transition for the group and this will continue through the rest of the year.  The group is on track to meet management expectations for the full year and the shares remain a BUY FOR RECOVERY