23 August 2012 – trading update

The group has reported that in the six months to 31 July revenue will have increased by some 4% over the same period in 2011  as it has risen to £3.3m.  There was strong sales growth in the UK as these rose by 49%, but export ssales were lower due to poor trading in Europe and the fact that last year benefited from a non-recurring licence fee of £415,000.  In the light of this the revenue growth is very pleasing.  Cash at the period end was approximately £1.0m.  Further revenue growth is expected in the second half helped by increased demand from the NHS, the launch of new products and the start of distribution into Japan.  We rate the shares a BUY.