6 December – results

Annual results for the year to 30 September were in line with expectations, showing a 20% increase in revenues whilst the group also moved into profit, albeit only a very modest one.  These were excellent results for the group, which has now set the foundations for further expansion as it sees growing demand for its services across the seventeen countries in which it operates.  The shares represent a useful way of gaining exposure to Africa which now has some of the fastest growing economies in the world, primarily driven by the expanding oil, gas and mineral industries.  Despite the rise in the share price since our recommendation at 11.25p in issue 12 we maintain our recommendation of BUY.