13 August 2014 – trading update
Following the trading update of 10 June, the group has confirmed that it enjoyed strong trading in the last few weeks of the financial year that ended on 31 July, signing several new contracts with an aggregate value in excess of US$5m. As a result, unaudited revenues for the year are expected to be £6.6m for pre-tax profit of £1m and earnings per share of 4.6p. The group ended the period with cash reserves of £3.4m and the strong balance sheet should allow it to expand further. Further progress should be possible in the current financial year despite the lumpy nature of its revenue stream and the shares remain a SPECULATIVE BUY.