Share capital
£'000		20182017
Allotted and fully paid 19,242,296 ordinary shares29,78629,786
Share option reserve
£ '000		20182017
Balance at 1 January5–
Share option expense1745
Balance at 31 December1795
Hedging reserve
£'000		20182017
Foreign exchange risk
Balance at 1 January(239)332
Fair value gains/(losses)281(571)
Balance at 31 December42(239)
Translation reserve
£'000		20182017
Balance at 1 January3,3645,442
Exchange differences on translation1,973(2,078)
Balance at 31 December5,3373,364
Retained earnings
£'000		20182017
Balance at 1 January25,99021,121
Changes in accounting policy9–
Dividends paid(15,284)(13,921)
Profit for the year20,61118,790
Balance at 31 December31,32625,990