21 September 2015 – interim results
Results for the first half of 2015 were hit by delays in the delivery of a rail contract which is now due to be delivered in the second half. Revenue for the second half is due to grow significantly though, underpinned by a £4.5m order book. In the six months to 30 June 2015 revenue slipped from £5.5m to £4.7m and a loss before taxation of £350k from continuing operations was recorded versus a loss of £8k in the same period a year earlier. The company is cautiously optimistic and net cash was £1.3m at the period end so we keep our BUY recommendation.