10 March 2011 – AGM Statement
At today’s AGM, the group will confirm that it has made a good start to the current financial year, helped by the fact that pre-contracted recurring revenues account for over half of total revenue and cash generation is close to 100% of operating profit. The group continues to introduce new products and services and is picking up new clients with nine added in the current financial year already. Although market conditions remain difficult the group has a strong order book and the high level of cash generation should allow net debt to fall in the current year. We continue to rate the shares as a BUY.