27 September 2012 – interim results
For the six months ended 30 June sales increased by 11.4% to £16.70m (2011: £14.99m). Group underlying profit increased to £0.28m (2011: £0.19m) and the loss before tax of £0.24m compared to a loss of £0.11m a year earlier. A basic loss per share of 2.1p was recorded (2011: loss of 0.9p) but underlying earnings per share were 1.8p (2011: 1.1p). Net debt was reduced from £4.1m as at the end of 2011 to £3.2m. No interim dividend was declared as the company prefers to pay down debt in the near term. The company’s future remains bright but it goes without saying that there are obstacles to overcome in the short term. On balance we rate the shares as a BUY.