29 September 2011 – interim results
Interim results to 30 June from the IT group have seen revenue increase by 5% to £22.0m (2010: £20.9m) with adjusted pre-tax profit rising by 54% to £1.17m (2010: £0.76m). Earnings per share on the same basis were 2.6p (2010: 2.4p) and the interim dividend was raised to 0.36p (2010: 0.33p). All divisions at the group are performing profitably and with the UK Government being an important client it is helpful that 50% of revenues come from outside the UK. During the period the group purchsed its headquarters for £5m and this has meant a move into debt with net debt of £2.4m at 30 June (30 June 2010: net cash £2.8m). A cauiusly optimistic statement re the second half is encouraging and the group looks set to build on the progress of the last three years. The shares remain a BUY.