12th March 2021
Thursday’s announcement of the interim results to end January were very well received.
They showed sales up almost 11% at £131.7m, adjusted pre-tax profits were 27% better at £26.1m, with earnings at the halfway up 23% at 10.1p per share.
This international designer and manufacturer of energy efficient indoor air quality solutions is now expecting its full year figures to be even better than the market’s previous expectations.
The group’s brokers Liberum Capital upgraded their ‘buy’ views on the group on these excellent results.
For the year to end July they go for £253m (£217m) of sales and £49.2m (£31.3m) of profits, worth 19p (12.1p) per share in earnings. And what is more they predict a 5.7p per share dividend being declared for the year against nil last time.
Understandably the brokers also increased their price objective from 335p to 377p – which undoubtedly helped to spur the shares some 45p better to close last night at 359p.
This group is now looking very useful, with both organic and acquired growth lifting its sights over the next couple of years.
Stay with them.
(Profile 23.05.19 @ 174p set a Target Price of 250p*)
(Profile 25.02.21 @ 301.5p set a Target Price of 350p*)