6 September 2012 – final results
Results for the year ended 31 March 2012 showed that continuing revenues increased by 8.1% to £39.39m (2011: £36.45m) but the net loss from continuing operations was £0.29m (2011: profit of £1.11m). A new Chief Executive has been appointed since year end, a debt reduction plan is underway and the business has been refinanced, including a placing at 7.5p announced today. The business does look to be on the up and given that the share price is now in single figures we up our rating to SPECULATIVE BUY.