18 July 2012 – trading update

The group has revealed a trading update for the half year to 30 June and this has shown that revenues were up by 30% during the period and trading is in line with expectations.  Eight new licence deals were announced, a record for a six monthly period, with the average deal size more than double those achieved in the first half of 2011.  Increased investment into new products and infrastructure means that EBITDA before exceptionals will be at a similar level to the first half of 2011.  With net cash of £7.9m at the end of June the future looks encouraging and the shares are a BUY.