15 May 2013 – interim results
Results for the six months to 31 March 2013 were impressive, with revenues up 9.3% at £1,601m. The loss before tax was narrowed to £61m (2012: £112m). Net cash as at 31 March 2013 was £433m compared to £42m as at 31 March 2012. The company is upbeat about the future and strong performance has been delivered in the recent past. However, the share price has had a very good run, outperforming the advancing market significantly since our tip. On balance we move our view to HOLD at the current level.