22 March 2012 – pre-close trading statement

An encouraging pre-close trading statement from the identity management specialist has indicated that revenue for the year to 31 March should be up by 27% to around £31m, whilst adjusted operating profit for the year should be comfortably above expectations at £3.5m, an increase of 84%.  Cash balances at the year end should be around £3.5m.  The group continues to do well, but after the strong rise in the share price we now rate the shares as a HOLD.