24 March 2020 – trading update

The company has confirmed that it will comply with the recommendation from the Financial Reporting Council to all listed companies to delay the publication of preliminary financial statements for at least two weeks, following a similar request from the FCA on 21 March 2020 relating to companies listed on the Main Market of the London Stock Exchange.  Preliminary financial statements for the year ended 31 December 2019 had originally been scheduled for release on 24 March.  Revenue in 2019 was up 39% to £130.1m (2018: £93.9m) and statutory profit before tax was £14.3m versus £3.4m a year earlier.  Adjusted diluted earnings per share were 4.7p versus 3.2p in 2018.  No final dividend is being proposed (2018: 0.35p per share).  The company had £3.8m of net cash at the year end.  Although the current year has started in line with expectations we are now in a period of great uncertainty.  Recurring revenues will help but given the shares have not been as hard hit as some others we feel that a HOLD rating is appropriate for now.