31 March 2014 – trading update
A trading update has been released to coincide with the last day of the financial year, with results due out on 16 June. These are set to be ‘comfortably in line’ with market expectations. Net debt was around £12.5m as at the end of March and this will reduce through 2014. The inTechnology acquisition is delivering the benefits anticipated and a maiden dividend will be declared in June. We continue to rate the shares as a BUY.