7 June 2010 – Interim Results
The software and services group has revealed a 10% increase in pre-tax prodits before exceptionals in the 6 months to 30 April as these have risen to £3.0m (2009: £2.8m), whilst earnings per share on the same basis rose to 0.58p (2009: 0.56p). This was a solid effort as revenues fell by 5% to £15.0m (2009: £15.7m) due to delays in orders being implemented. However, the group has increased its recurring revenue stream, which now represents 61% of total revenues and a stronger second half is expected. The group had net cash of £10.9m at the end of the period (compared with a market capitalisation of £39m) and we continue to rate the shares as ATTRACTIVE.