4 July 2011 – final results

Results for the year ended 30 April 2011 have been released.  Revenue from continuing operations slipped to £4.74m (2010: £4.83m) and profit before tax from continuing operations came in at £0.07m (2010: £0.45m restated).  A maintained final dividend of 1.2p, which represents 7.5% of the current share price, is due to be paid in October. 

The loss of key BAA contracts was a blow to the business but looking forward there will be other opportunities.  The market capitalisation is now just £1.75m versus net assets of £4.28m and cash balances of £2.74m as at 30 April, which means that the shares represent GOOD VALUE.