16 September 2019 – interim results

Results for the six months ended 30 June 2019 have been released.  Revenue was £5.7m (2018: £6.4m) with passenger revenue up 11% but fleet revenue down 22%.  An underlying loss before depreciation and amortisation of £0.02m was reported versus profit of £0.2m for the same period a year earlier.  Cash was £0.4m, up from £0.2m last year.  Despite what was on the face of it a weak set of numbers, order intake in passenger systems is up 50% and fleet systems up 3%.  Over £0.5m was invested in R&D during the period.  This means that the company is well placed to deliver better performance moving forwards.  The company has a market capitalisation of just £3m and there is scope for strong capital growth over the long term.  We keep our BUY rating.