Key Points
Home improvements business performed well overall with record order book at the end of H1 and full FCA authorisations secured.
£2.0m of central overheads formerly charged to the discontinued Solar business have had to be absorbed by continuing operations as new commercial business streams have been slower to come through.
Decisive actions taken in May to reduce cost base by £2.1m on an annualised basis, with an overall annualised target of £4.0m.
Despite actions to reduce cost, approx. £3.5m of the overheads formerly charged to the Solar business will be carried in the current financial year. Full year outturn will be below market expectations.
Refocussed strategy, new business structure and reorganised senior team to create a leaner group, focussed on improving earnings in the core business and carefully targeted growth opportunities.
Interim dividend of 0.5 pence per share.
