H&T has announced interim results in-line with our current expectations for FY15e. H&T has some H2 weighting with demand focussed around Christmas. The interim dividend has been increased to 3.5p (vs 2.1p H1’14); with £8.9m net debt at the half year and is projected to fall in H2 (0.8x FY15e ND/EBITDA) leaving ample headroom. We expect continued strong cashflow on a stable gold price to provide upside to the dividend. We retain forecasts, 220p target price and BUY recommendation.
