6 September 2012 – interim results
The group’s interim results have revealed a fall in first half profits to £151,000 from £321,000 on lower revenues of £4.32m (2011: £4.77m). Earnings per share have dropped t0 0.13p (2011: 0.24p) although net cash has risen to £1.57m (2011: £0.64m). The second half is expected to be much better than the first, thus following a similar pattern to last year, although how much better remains uncertain. Although the group maintains that it is well placed to make progress over the longer term we reduce our recommendation to HOLD.