4 April 2012 – final results

The group has announced its results for the 15 months to 31 December 2011, revealing revenues on continuing operations of £188.4m compared with £107.4m for the 12 months to 30 September 2010.  However, the last quarter of 2011 saw a 67% increase in revenues over the same period in the previous year and this strong performance provides confidence over prospects for the current year.  Net operating profit for the 15 month period was £6.8m up from break-even in the year to September 2010.  Pre-tax profits on continuing operations were £1.9m (2010: £1.9m) with the same again figures due to different contributions from associates.  Earnings per share on the same basis were 0.58p (0.16p).  The group is now well-established to build on its growing presence on the African continent and we continue to rate the shares as a BUY.