Free of the bulk of the IPO-related costs it incurred last year, product testing group Exova (EXO) generated £10m in pre-tax profit during the first-half, against a £38.1m loss in 2014. The majority of the group's 5.7 per cent revenue growth came via acquisitions. At constant currency organic growth was 2.8 per cent, while acquisitions boosted revenue by 4.1 per cent. The group announced a maiden interim dividend of 1p per share.
The group's cash profit margin fell 70 basis points to 15 per cent. Predictably, revenue for the group’s oil and gas and industrials business declined 5.2 per cent on a constant currency. In the Americas, extreme weather conditions hit the health sciences businesses, causing the region's margin to fall 170 basis points to 18.6 per cent.
