8 June 2010 – final results

The media group has reported its annual results to 31 March, which have revealed an 18% decline in revenue to £66.1m (2009: £80.2m), although adjusted pre-tax profits were only marginally down at £4.0m (2009: £4.1m).  A significant increase in both the tax charge and the number of shares in issue meant that adjusted earnings per share fell to 4.95p (2009: 6.52p).  Net debt at the end of the year was £5.3m, but the interest payments are well covered and this does not seem to be a particular source of concern.  We remain convinced that the shares are too low and believe that they are a BUY.