23 November 2010 – interim results

Results for the six months ended 30 September 2010 have been released by the mobile web payments and analytics company. Although turnover fell to £10.6m from £12.3m a year earlier, this reflects less low margin business. A loss before tax of £0.46m (2009: £0.24m) was recorded and net cash balances were £1.16m (2009: £0.14m). The fact that there was nil cash consumption in the 2 months to 19 November was promising and the company looks to have a very bright future. However, it now has a market capitalisation of £51.0m versus £13.2m when we tipped the shares in August 2009 and we feel that plenty of growth is already factored into the share price. At this level SELL.