25 July 2013 – trading update
The company has provided a trading update covering the six months to 30 June 2013. Revenues were up 51% on the same period in 2012, ahead of expectations at €32m. The business has also been slightly more profitable than expected. Net cash was €9.2m at the period end. Given the exciting prospects for the business and the level of growth being delivered the shares look too cheap and although they have moved upwards since our tip we believe there is plenty more to come. We retain our STRONG BUY rating.