23 September 2013 – interim results
The consulting and software group has announced its interim results covering the six months to 30 June revealing a 15% increase in revenue to £31.7m (2012: £27.5m), with profit before tax rising fourfold to £2.9m (2102: £0.7m). Earnings per share were 4.9p compared with a loss in the first half of 2012 as last year suffered an exceptional tax charge. As last year, no interim dividend is being paid. Net cash at the end of the period was £5.1m, down from £13.3m at the start of the year with the reduction due to an advanced contract payment of £10.8m by a Latin American customer last year. Although work remains to be done on the restructuring programme started towards the end of 2012, solid progress has been made so far and the second half of the year has started well. As a result, full year profits are likely to be ahead of expectations at around £7.3m for earnings per share of 7.6p. We maintain our recommendation of BUY.