2 September 2010 – Interim results
The group has announced interim results for the six months to 30 June, revealing a 37% increase in revenue to £23.1m (2009: £16.8m), whilst pre-tax profit on continuing operations rose by an impressive 120% to £1.45m. Earnings per share also rose sharply to 3.9p (2009: 2.4p) and the interim dividend was raised to 0.95p (2009: 0.80p). Strong operational cash flow meant that the group had net cash of £1.8m at the end of the period (31 Dec 2009: £0.4m).
These results have benefited from a broad recovery in customer demand across most industrial and geographical segments and the group has increased market share through new business wins in key markets. The disposal of the branded plastics business earlier this year has allowed the group to focus on its core business. Further progress is expected in the second half and the shares remain a BUY.