24 August 2012 – interim results

Half year results for the six months to 30 June have revealed further ptogress at the group with revenues up slightly to £14.4m (2100: £14.3m) with pre-tax profits before exceptionals up to £4.3m (2011: £4.2m).  Earnings per share increased to 1.4p (2011: 1.3p).  At the half year end the group had cash and cash equivalents of £26.8m (2011: £25.6m) and this is before accounting for the group’s share of cash balances in its joint venture AMRAC.  As the directors continue to look for investment opportunities to utilise this cash it has decided not to pay an interim dividend.  As much depends on this the shares are a SPECULATIVE BUY.