14 June 2012 – interim results
The group has announced encouraging interim results for the six months to 31 March, with revenues rising to £59.9m (2011: £52.4m), whilst adjusted pre-tax profits increased to £1.3m (2011: £1.0m). Fully diluted earnings per share on the same basis were 3.4p (2011: 2.4p) and net debt has declined slightly to £10.5m (2011: £10.8m). No interim dividend has been declared and no dividend is likely whilst the Vivergo dispute continues. This seems likely to drag on for some months although Redhall remain confident of a successful result. Nevertheless, regardless of the progress of the rest of the group, this dispute is potentially so significant that the shares can be no more than a HOLD.