24 September 2012 – interim results
Interim results to 30 June have proved disappointing with challenging trading conditions in the UK pushing the group into a pre-tax loss of £670k (2011: profit £298k) despite a strong performance from Asia. Cost reductions have been implemented in the UK although the group did have net cash of £2.9m at the end of the period. The group’s operations in Asia are expected to continue to grow whilst in the UK the group has moved into the government funded market. Although short-term trading is unlikely to improve, longer term prospects remain promising and with a market capitalisation of just £3.6m (against net cash of £2.9m) the shares are a SPECULATIVE BUY.