10 June 2014 – final results
The year to 31 March 2014 was a tough one and even though uninspiring results were anticipated the share price has edged down on their release. Although revenue rose to £24.5m (2013: £21.3m), a loss before tax of £343k was reported versus a profit before tax of £1.61m last year. No final dividend will be paid so the total for the year drops to 0.13p per share from 0.3p. Although there is plenty of work to turn things around, we feel that this is an interesting niche business and maintain our LONG TERM BUY rating.