3 June 2010 – interim results

A more than satisfactory set of results for the six months to 31 March have shown that Redhall continues to go from strength to strength.  Adjusted pre-tax profits for the period increased by 6% to £3.3m (2009: £3.1m) with fully diluted earnings per share rising to 8.0p (2009: 7.9p).  The interim dividend was nudged up to 1.80p (2009: 1.65p) and net cash balances at the end of the period were £7.5m (2009: £6.3m).  The group’s order book now stands at £130m (2009: £110m) and work has started on the £30m contract for the BP bio-ethanol plant at Saltend.  The group is looking for ways to deploy its surplus cash and effective use of this could significantly increase earnings.  The shares are a STRONG BUY.