4 June 2013 – final results
The group has released annual results for the year to 31 March exactly in line with our forecast when we recommended the shares at 22.5p in April. Revenue rose to £10m (2012: £6.2m) with pre-tax profit increasing to £1.2m (2012: £0.17m). Earnings per share were 1.3p and the company ended the year with cash of £1.5m and no debt. Although the current financial year will see results skewed towards the second half once again, many projects have entered their implementation phase over the last two years and have started to generate revenue for the company. With many more likely to enter the implementation stage over the next three years the group is very confident of the future. Pre-tax profits are forecast to rise to £3.1m in the current year for earnings per share of 2.2p. The shares remain a BUY.