2 May 2014 – trading update
The group has revealed that as part of its ongoing restructuring it has identified additional exceptional charges totalling £870,000. The group has also instructed its auditors KPMG to verify the work undertaken. Trading to date remains in line with expectations although further delays are being experienced converting major opportunities into contract awards. This will lead to profits coming in at a lower level than expected but not materially so. The group FD is stepping down with immediate effect. This is yet more bad news from the company but on the basis that these really are the last legacy issues to be resolved the shares are a SPECULATIVE BUY.