2 July 2012 – final results

In the year to 31 March, the group increased turnover by 41% to £11.1m (2011: £7.9m) whilst adjusted pre-tax profit rose by 36% to £1.0m (2011: £0.74m).  Earnings per share on the same basis fell to 1.2p (2011: 1.7p) due to a higher tax charge and an increase in the number of shares in issue.  Net debt at the year end was £0.1m (2011: net cash of £0.45m) reflecting expenditure on the group’s development programme.  The new financial year has started in line with expectations and we would expect further progress this year. However, the group has warned that certain headwinds are building and we reduce our recommendation to HOLD.