http://www.investegate.co.uk/Article.aspx?id=200811270700070...

...pleased to report satisfactory results for the six months to 30 September 2008 despite increasingly difficult trading conditions. It should be noted that this period's results are being compared with an exceptional equivalent period last year when margins in particular were very strong.

6 months to 30th Sept 08 (07)

Revenue 61.8m (59.3m)
Operating profit 3.2m (4.2m)
EPS 7.7p (16.0p)
Divi 2.0p (2.5p) (ex divi 31.12.08, paid 22.01.09)


Current & future trading

The management accounts show a small reduction in revenue for October when compared with last year and a further slowdown in November. Reduced levels of activity in many sectors and the climate of general uncertainty that pervades the UK economy are resulting in less business. Some sectors remain busy but customers are unwilling to commit forward and are placing smaller orders. The Scottish branch is making steady progress towards profitability and the moves to bigger premises at Fareham and Dudley will take time to repay the investment made in them. Based on current trading we would expect to meet market expectations for the year but with the rapidly changing state of the UK economy it is difficult to predict far ahead.

About as good as I could hope for, but I don't suppose the market will like it much...

All the best,
WB