18 April 2011 – final results

Following a very tough year in 2009, results for the year to 31 December 2010 were significantly better.  Turnover jumped to £355.2m (2009: £258.6m) and this saw profit before tax of £3.4m versus a loss before tax of £41.4m a year eariler.  Cash generated from operations was £31.2m (2009: £11.8m and this vastly improved performance allowed net debt to be slashed by over 10%, although it still stood at a somewhat daunting £132.8m at the period end.

In our view the most pleasing aspect of today’s announcement was news that turnover in the first quarter of 2011 was up 66% year-on year.  This provides further evidence that the company is in a phase of sustained recovery and there is scope for the share price to shift higher in the coming months. BUY.