Probability – 65.5p

15 April 2013 – trading update

The company recorded its maiden quarterly profit in the fourth quarter of the year ended 31 March 2013 and although this is in line with the development anticipated it is reassuring that the business is progressing.  Net cash and equivalents at the end of the quarter were around £3.6m following a placing which brought in net proceeds of £2.6m in January.  This means the business is well funded and on balance we rate the shares as a BUY.

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