3 December 2015
We are pleased to report another very positive start to the year with the Group delivering a 13% increase in adjusted profit before taxation against the comparative period despite broadly flat revenues which were held back by the delayed ramp-up of the EU funding cycle. With an exceptionally high proportion of our current year revenue expectations already in our order book together with the strong momentum in our international business and the steps taken over recent years to increase Group profitability, we are well placed to deliver on market expectations for the full year.
• Revenue* of £62.6m (H1 2014: £63.2m)
• Adjusted profit before tax** up 13% to £2.2m (H1 2014: £1.9m)
• Profit before tax of £2.1m (H1 2014: loss of £0.4m)
• Adjusted** earnings per share of 3.3p (H1 2014: 2.9p)
• Interim dividend up 67% at 0.5p per Ordinary Share (2014: 0.3p)
• Unrestricted cash as at 30 September 2015 of £2.6m (H1 2014: £6.6m) after £2.5m of acquisition related costs
• New £25m five year committed facility with HSBC
• Order book increased by 18% to £123.4m at 30 September 2015 (31 March 2015: £105.0m) of which:
• UK – up 15% to £60.9m (31 March 2015: £53.0m)
• International – up 20% to £62.5m (31 March 2015: £52.0m)
• New management incentives approved at the AGM - 12.2m options awarded under the TIP have been surrendered, equivalent to 17.9% of the current issued share capital
*Including share of Joint Venture revenues
**Before separately disclosed items
Our Half Year Report 2015 can be downloaded from our investors section.