17 September 2012- interim results
In the six months to 30 June, revenues have risen by 37% to £12.1m (2011: £8.8m) with pre-tax profits increasing to £0.76m (2011: £0.58m). Adjusted earnings per share rose to 2.69p (2011: 1.69p). These results are clearly impressive with a record 8 significant new licence contracts signed in the first half with another two being signed since the period end. A pleasing aspect of the results is that recurring revenues rose by 40% so that these now account for 55% of total revenue. Net cash at the period end was £7.8m, equivalent to 10p per share and this has increased further in the second half. With further growth expected the shares are a FIRM HOLD.