Financial highlights
Revenue from continuing operations increased by 17% to £56.2m (2013: £48.1m), due to volume increases in Aviation and Energy
Underlying EBITDA reduced by 20% to £8.7m (2013: £10.9m), impacted by lower investment property realisations and revaluations
Underlying profit before tax up by c110% to £4.4m (2013: £2.1m), reflecting a 80% reduction in interest charges
Loss before tax from continuing operations of £8.6m (2013: profit £1.2m), due, principally, to £8.1m separately disclosed finance charges related to debt repayment
Loss per share from continuing operations of 2.26p (2013: 0.13p)
Profit from discontinued operation of £7.6m (2013: £9.4m) principally relating to loss on operations and partial disposal of the transport and distribution division
Maintained interim dividend of 2.0p (2013: 2.0p) per share payable on 5 December 2014
£48.0m returned to shareholders in the period; net assets at £414.7m (28 February 2014: £461.1m);
Proceeds from realisations of property related assets of £14.7m (2013: £24.0m)
£190.6m debt repaid and net debt reduced by 94% to £8.1m (28 February 2014: £127.9m)
Chief Executive Andrew Tinkler commented:
"We have a clear focus on the growth of our Energy and Aviation businesses. The increased volumes we are reporting, along with strengthening pipelines in both divisions, reinforce our confidence in the Group's prospects."
