31 August 2012 – interim results

The company has faced challenges and this has led to slightly disappointing results for the first half.  Revenue was £100.4m (2011 : £112.3m) and earnings per share slumped to 1.6p (2011: 8.5p, 12.0p on an underlying basis).  Net debt was £8.6m (31 December 2011 : Net cash £6.1m).  However, this was improved by £16.3m cash inflows following the period end.  On a more positive note the interim dividend was held at 2.4p per share.  The shares look inexpensive based on revised forecasts of earnings per share of approximately 10p in the current year.  BUY.