18 April 2011 – final results

Results for 2010 were always going to be unspectacular and profit before tax was just US$116k (2009: US$701k).  This had already been flagged up in January and at the year end cash balances were US$6.0m (2009: US$7.4m), equating to around 15p per share.  On that basis, the share price factors in very little profit despite the fact that there is potential for organic growth.  The cash pile also means that an exciting acquisition could be on the cards and on balance, although it may take patience to see returns, we rate the shares as a BUY.