2 November 2011 – interim results/acquisition/placing
Interim results for the six months to 30 September for the identity management specialist have shown a 7% increase in revenues to £12.4m whilst pre-tax profit before exceptionals rose by 36% to £1.0m. Reported earnings per share rose to 0.9p from 0.7p. Cash balances at the end of the period were £4.2m. The group has also announced the acquisition of Capscan, a leading supplier of customer registration and address management software solutions, for £11.2m. To help fund this the group is raising around £8m through a placing of 20m shares at 40p, with 812,500 of the shares being placed with directors. A confident statement regarding future prospects bodes well and the shares remain a LONG TERM BUY.