M2 Group: Interim result 2015

On the face of it, this telecoms and utilities provider has little going for it, but that hasn't stopped earnings per share growing tenfold in ten years.

M2 Group is quite a conundrum. It operates in a highly competitive sector, with little in the way of hard assets and no obvious competitive advantages, yet it’s been able to increase earnings per share tenfold since listing in 2004. And because it doesn’t bother with such trifles as assets, most of that profit has appeared as cash – funding a string of acquisitions to support the growth, even while half the profits have been paid out as dividends.

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