1 October 2013 – interim results

A solid set of figures has been released for the six months to 31 July 2013.  Sales in the half year rose by 2.0% to £39.1m (2012: £38.3m).  Operating profits before an accounting charge relating to the Long Term Incentive Plan have risen by 12.7%, from £2.79m to £3.15m.  Profit before tax before the Long Term Incentive Plan accounting charge and the defined benefit charge was up 13.3% to £3.06m (2012: £2.70m).  Profit before tax after these charges was £2.04m (2012: £1.94m).  Adjusted earnings per share were up 17.6% to 4.47p (2012: 3.80p), after removing the Long Term Incentive Plan accounting charge and defined benefit charge.  Net debt at the period end was £2.19m, a reduction of £0.50m year-on-year.  An interim dividend of 0.28p per share has been declared, which represents an increase of 21.7% on last year.  The share price has had a very strong run but this reflects the progress which has been made in the business.  We retain our BUY rating.