26 August 2011 – interim results

In the first half of 2011 Timeweave enjoyed improved performance thanks to its stake in AMRAC.  Operating profit increased to £4.1m, with the seasonally adjusted like for like comparison being £3.95m.  Profit after tax but before exceptional items from continuing operations was £3.2m.  Post exceptionals the figure was £2.9m.

The company has a strong balance sheet with £25.6m cash as at 30 June within Timeweave and a consolidated cash position of £28.5m including Timeweave’s share of cash held by AMRAC.  The interim dividend was held at 1p per share (6 months to 31 May 2010: 1p).  The results have sparked little interest but we continue to believe that the shares are cheap and maintain our BUY rating.