6 November 2013 – trading update
A very promising trading update has been issued by the software group, with revenues and adjusted EBITDA for the six months to 31 October expected to be significantly higher than the same period in 2012. The group has a strong balance sheet, with significant net cash, and given the strength of current trading it is proposing to announce an interim dividend of 0.05p when the half year results are released in January. We maintain our recommendation of BUY.