15 April 2016 – trading update
The company has announced a trading update confirming that results for 2015 are expected to be in line with forecasts. The group has confirmed that year end cash was £1m. However, the group has also stated that the new year has started slowly with orders from two large customers now more weighted towards the second half than previously expected. Action is being taken to reduce costs from the business but clearly the interim results will be lower than expected. Although the group expects a much improved second half, investors may be more cautious about the shares and we reduce our recommendation to HOLD.