15 April 2015 – trading update
Results for the year to 31 March 2015 will be in line with market expectations. Revenues for the year are expected to be £12.1m and adjusted profit before tax (before acquisition costs, share based payments, IFRS-related discount unwinds and amortisation of intangible assets) will be approximately £1.4m. Given the ongoing progress which is being made the shares should not simply be measured on a multiple of earnings but this level of profitability provides considerable support to the current valuation. The shares are a BUY.