27 May 2020 – second interim results

Results for the twelve months to 31 March 2020 have been released.  Revenue was £59.5m versus £46.8m in the same period a year earlier.  Underlying profit before tax was up 19% to £8.0m (2019: £6.7m).  Net assets increased by £4.1m from 31 March 2019 to £35.0m and at the period end net cash was £11.1m.  Given the ongoing impact of the Covid-19 pandemic available cash resources are being preserved and no second interim dividend has been declared at this time.  We keep our BUY rating.