21 January 2014 – trading update
For the year to 31 December revenue is expected to be between £265.8m and £266.3m (2012: £269.3m) versus consensus expectations of £262.1m. Profits before taxation and amortisation of intangible assets, one-off costs relating to historic Trados litigation and restructuring costs are expected to be in the range of £8m to £8.3m (2012: £37m) versus consensus expectations of £7.3m. Net debt as at 31 December was £2m (2012: net cash of £6.3m). Operating cash flow was described as ‘very robust’ but capital expenditure and tax and dividend payments resulted in cash outflow for the year. The market has responded positively and the shares have moved higher but we retain our BUY rating.