22 March 2012 – final results
The software group has announced good results for 2011 despite revenues falling slightly to £42.3m (2010: £43.6m). As the decline in revenue was in lower margin items, adjusted pre-tax profits rose to £2.2m (2010: £2.05m) and earnings per share on the same basis rose to 6.8p (2010: 5.0p). Cash balances at the year end were neutral, down from £4.9m net cash a year earlier. Although prospects remain good, the current year has started more slowly than 2011 and this leads us to adopt a more cautious stance. We therefore suggest that readers TAKE PROFITS.