– 32p

13 November 2012 – interim results

Turnover decreased only marginally for the period to £10.43m (2011: £10.73m), reflecting similar volumes but less favourable foreign exchange rates. Profit before tax and exceptionals was maintained at £0.51m. Following  exceptional costs basic EPS decreased 34.6% to 0.53p (2011: 0.81p). The interim dividend was maintained at 1.05p, although uncovered, this reflects the boards confidence  for the prospects for the Company moving forward along with the underlying cash generation of the business. The initiative to transition the formula into a hybrid online/offline service  is now completed and is at the point to move to deployment and monetisation. Although the board remain cautious in the short term the business is now in a position to make earnings progression and accordingly we retain our BUY rating .

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