2015 results were ahead of market expectations with revenues increasing by 6% to $182m and adjusted PBT rising by 18% to $14.1m (Stockdale $13.7m). The full year dividend has been increased by 6% to 14.5c/ 9.5p (2014 - 13.7c/ (8.4p). Net debt fell 10% to $59.5m. Following these results we have revised our FY2016 PBT forecasts to $14.9m ($15.2m) and subsequent years, partly, to reflect exchange rate movements. The shares are on a PER of 7.1x and yield of 3.8%. We reiterate our Buy recommendati
21 Mar 2016
FY 2015 results

