News blog
Freshwater UK
- BY: Andrew Hore |
- POSTED: 15/05/2008 |
PR firm Freshwater UK increased its interim profits by 50% but earnings per share fell because of the dilutive effect of last July’s placing.
Turnover rose 54% to £4.1m in the six months to February 2008. Most of that came from acquisitions but organic growth was 7.3%. Pre-tax profit increased from £304,000 to £456,000.
Earnings per share dipped from 3.43p to 2.81p. There was still £1.34m in cash in the bank at the end of February. When this is invested in acquisitions it should enhance earnings.
The sale of Freshwater House will generate £750,000 in cash and a profit of £130,000 in the second half of the year.
The interim dividend is 1.5p a share.
The shares rose 3p to 73p. That is still well below last July’s flotation price of 85p a share.
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