19 August 2106 – trading statement
The group has reported that trading in the second half looks set to remain challenging and has not picked up as expected. As a result full year revenues will be lower than forecast and this will result in the group making a loss for the year. However, the group has also confirmed that it has renewed an important contract with First Bus in the form of a 5 year framework agreement. This should now allow the management team to pursue other contract opportunities which are currently under negotiation. The group had net cash of £1.2m at the end of June and we therefore believe that holders should HOLD FOR RECOVERY.