9 December 2010 – interim results
Results for the half year to 30 September 2010 were very impressive. Revenue jumped to £50.9m (2009: £34.2m) and the operating loss was slashed from £4.66m to £107k. The pre-tax loss before VAT recovery, which we have covered previously, was reduced by 7% to £3.9m (2009: £4.2m). Earnings per share were 0.61p versus a loss per share of 1.79p in the same period last year. The interim dividend was lifted to 0.5p (2009: 0.44p). All of this is very good news but has to be taken in context given the exceptional VAT element and the fact that this is a business heavily weighted towards the second half. However, the company is bullish about its prospects and news that trading has continued to be ahead of last year beyond the half year mark means that the shares are ATTRACTIVE.