NetPlay TV – 17.75p

9 April 2013 – final results and trading update

Final results for 2012 showed a 27.5% increase in net revenue to £21.8m (2011 recategorised: £17.1m).  There was a 470% increase in statutory profit before tax to £3.1m (2011: £0.6m).  Cash was up 55% to £12.3m (2011: £7.9m) and cash generated from operations was up 73% to £4.3m (2011: £2.5m).  A final dividend of 0.225p per share (2011: nil) takes the total dividend for the year to 0.375p per share (2011: nil).  Current trading is said to be strong, with new depositing customers increasing by 42.4% in the first quarter versus the same period in 2012 and net revenue up by 38.9%.  We believe that this is an exciting prospect and are happy with our recent BUY recommendation.

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