16 September 2010 – interim results

The political communications company has reported interim results to 30 June – excluding the contribution from the Education Division which was sold in March, revenues fell to £6.3m (2009: £7.2m) whilst the normalised loss before tax was £0.6m (2009: loss of £0.1m).  The reason for the fall in revenue was the General Election, which created a hiatus and also moved a number of events into the second half.  The sale of the Education Division has left the group with net cash of £1.1m at the end of June.  In the short-term the outlook for the group is uncertain, with public sector spending cuts having a negative impact although longer term the group is confident of further growth.   The group is still in ongoing  discussions about a possible offer and in the circumstances the sharees are no more than a HOLD.