7 June 2012 – final results

The group has announced its final results for the year to 31 March, although given the amount of restructuring that has taken place during the year these are of little real relevance.  Of more importance is the current position at the group and the outlook for the future.  Following last year’s fund raising, the group had net cash at the end of March of £23m whilst its order book stood at £154m.  The group has reduced overheads and legacy costs whilst also strengthening the management team.  The group is now focused on generating quality revenue growth both in the UK and overseas and it is confident of returning to profit ib the near future.  The shares have drifted lower in recent weeks, resulting in the sale from the Aggressive Growth Portfolio, but with a market capitalisation of just £29.4m almost all covered by the net cash, the shares look to have excellent recovery potential.  BUY.