27 June 2012 – interim results

Interim results for the six months to 31 March saw revenues increase by 35% to £10.6m (2011: £7.9m) with strong growth in the Middle East augmented by growth in Europe and Africa.  Underlying pre-tax profits rose to £799,000 (2011: loss of £48,000) and earnings per share on the same basis rose to 2.6p.  An interim dividend of 0.3p was declared (2011: nil).  The group had net cash at the period end of £0.9m (2011: net debt of £0.6m).  The group has now concluded the acquisition of Trett Consulting and this should be fully integrated by the end of the financial year.  A very confident statement by the group bodes well for the rest of the year and beyond and we maintain our recommendation of BUY.