27 January 2012 – interim results
Revenue from continuing operations for the six months ended 31 October 2011 was £2.67m (2010: £2.41m). The loss before tax from continuing operations for the period was £0.12m (2010 profit: £0.17m). Overheads of the business have been reduced to restore profitability following the loss of five BAA contracts, which represented almost half of airport income in the prior period.
At the period end the cash position was £2.37m (2010: £2.65m), with inventory of prizes on display reduced to £1.10m (2010: £1.7m). Cars on display are held at net realisable value and a 997 year leasehold office property also contributes to a healthy balance sheet. A Tender Offer and subsequent repurchase of shares in November 2011 saw £1.18m returned to shareholders but cash balances currently remain in excess of £1.1m. On balance, the shares are a LONG TERM BUY.