26 May 2017 – final results
The group has announced its final results for the year to 31 December 2016 revealing a slight fall in revenue to £11.6m (2015: £12.2m) with an underlying pre-tax loss of £1.4m (2015: profit of £0.05m) being recorded. The results suffered from a poor second half where a number of orders that had been expected failed to materialise. The group raised finance to support its working capital requirements, whilst it has also significantly reduced its cost base and the first benefits of this are now being seen. Cash at the company’s year end was £0.5m (2015: £1.0m). The group renewed some important contracts last year as well as winning some new ones. Although recovery at the company may take some time we regard the shares as a SPECULATIVE BUY.