Highlights:
Strong trading and cash flow
Revenue £8.34 million up 4.5% (31.1.2016: £7.99 million)
Group Adjusted EBITDA £3.31million up 0.5% (31.1.2016: £3.30 million)
Adjusted pre-tax profit £2.1 million up 13.5%
Adjusted net profit £1.9 million up 81.2%
Cash flow growth supports 12.4% dividend increase - progressive dividend policy
Cash available for Distribution (CAD) £2.62 million up 6.5% (31.1.2016: £2.46 million)
Interim dividend 3 pence per share up 12.4% (31.1.2016: 2.67 pence per share)
Significant growth in asset value,
Adjusted Net Asset Value (NAV) per share up 26.1% to £3.87 (31.1.2016: £3.07)
Total assets up to £142.6 million (31.1.2016: £113.4 million)
Strong balance sheet, efficient use of capital, low debt
Sale of 1.975 million Treasury shares raising circa £8 million at 400 pence per share (purchase cost 150.3 pence), a premium to NAV4
Net debt £16.7 million down 35.3% (31.1.2016: £25.8 million)
Loan to value ratio down to 14.4%6 (31.1.2016: 26.2%)
Extension of existing bank facility by 2 years until January 2023
Effective cost of debt 1.65%
Rolling 12 month EBITDA 16.2 times net interest
