3 December 2013 – interim results
The provider of real time monitoring systems and data management services to the leisure and forecourt services industries (basically checking beer sales and petrol/diesel volumes!) has announced disappointing results for the six months to 30 September. Revenue fell to £9.0m (2012: £11.2m) with sales in the pub industry lower due to potential changes in legislation, whilst the group has exited lower margin activities in the fuel business. Adjusted pre-tax profits emerged at £1.3m (2012: £1.6m) and earnings per share on the same basis were 3.4p (2012: 4.5p). The interim dividend was maintained at 1.7p and net debt at the period end was £2.23m (2012: £2.36m). The uncertainty caused by potential changing legislation is likely to mean that the shares mark time for a while and we reduce our recommendation to HOLD.