29 May 2013 – final results
The year to last December proved difficult for the group with a good performance in the operations in Asia being offset by a poor performance from the UK. The challenging trading conditions led to a fall in revenues on continuing operations to £15.1m (2011: £19.1m) whilst the adjusted loss before tax was £0.89m (2011: pre-tax profit of £0.36m). Non-recurring charges of £2.95m were also incurred, mainly due to the UK activities. The latter have all been consolidated onto one site and this restructuring has helped put the UK operations on a firmer footing. With a better performance from the UK expected this year, further good progress likely in Asia and encouraging progress being seen in newer operations in Dublin and Oman, the group expects to return to profit this year. Net cash at 31 December was £2.71m and with the group only capitalised at £3.14m the shares are a SPECULATIVE BUY.