2015 results are 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 is also higher than forecast at 9.5p (8.4p). Net debt fell 10% to $59.5m, a fall of 27% over the last four years. Having delivered on a number of objectives, management remains focused on further growth both organic and by acquisition and debt reduction. We are adjusting our FY2016E PBT to $14.9m but reiterate our Buy recomme
17 Mar 2016
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- Published:
17 Mar 2016 -
Author:
Peter Ashworth -
Pages:
3
2015 results are 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 is also higher than forecast at 9.5p (8.4p). Net debt fell 10% to $59.5m, a fall of 27% over the last four years. Having delivered on a number of objectives, management remains focused on further growth both organic and by acquisition and debt reduction. We are adjusting our FY2016E PBT to $14.9m but reiterate our Buy recomme