Just opened a fairly large position here. What has been described as a tough year for UK mortgage buyers has still returned a strong first half. Share price is down 50% and dropped to it's 52 week low today in div ex date. £3.48 buy price paid.
With the government intervention with new house building incentives, I'm thinking this will eventually rally when demand returns next year (the company have stated they expect 2027 to be better as more mortgage deals end compared to 2026) plus the low debt and relatively safe dividend I'm happy to hold for the mid term.
Revenue: £161m, +8.6%
Adjusted PBT: £14.8m, +2.1%
Statutory PBT: £6.2m
Adjusted EPS: 18.4p, slightly above 18.2p last year
Free cash flow: £11.8m
Interim dividend: 7.9p, actually +9.7% versus 7.2p
Net debt: only £15.1m / 0.4× leverage