26 September 2013 – interim results
A solid, if unspectacular, set of interim results has been released. These cover the six months to 30 June and show that revenue was up 9% to £21.4m (2012: £19.6m). Adjusted operating profit remained at £1.3m and adjusted basic earnings per share improved from 3.1p to 3.6p. The interim dividend was held at 0.40p per share. Group net debt increased from £0.8m to £2.1m. The shares have succumbed to profit taking, having had a good run, and in our view continue to represent good value looking at prospects for the longer term. BUY.