5 July 2016 – final results

Results for the year ended 31 March 2016 have been released.  Total revenues were £29.9m (2015: £5.0m), which was £10m ahead of prior market expectations.  Although the company still made a modest loss before tax, Adjusted EBITDA (removing acquisition costs and share based charges) was £103k (2015: loss of £352k), £800k ahead of market expectations.  Given that the share price has moved sharply higher since our tip and there have been some alternative unrelated opportunities which have seen significant losses we adjust our recommendation to HOLD for now.