16 November 2011 – interim results

Results for the 6 months ended 30 September showed revenue up 5.7% at £201.6m (2010: £190.7m).  Mail revenues were up 9.2% to £93.8m (2010: £85.9m).  Parcels revenues were up 3.0% to £83.5m (2010: £81.0m).  Profit before tax (before exceptional items) came in at £6.8m (2010: £7.4m) but there were exceptional items of £0.8m (2010: £nil) relating to restructuring costs.  Net cash at the period end of £11.6m (2010: £8.5m) was impressive and this allowed the interim dividend to be maintained at 6.4p per share.

The launch of new consumer focused online parcel delivery service is an interesting development and at the current price we believe the shares are GOOD VALUE again.