6 September 2010 – interim results
A solid set of figures covering the six months to 30 June 2010 has been released. Adjusted earnings per share rose from 6.1p to 6.5p and the interim dividend was nudged up to 1.35p per share (2009: 1.3p). The company is confident that performance in the second half of the year will exceed current expectations. We do not feel that the benefit of the recent acquisitions has been fully recognised as yet and on that basis the shares look cheap. BUY.