8 November 2017 – trading update
The company has noted that it now only expects single digit percentage growth in normalised profit before tax for the current year, which is below market expectations. This is mainly due to customer delays into 2018 for certain higher margin Technology Products projects. Significant progress continues to be made in the move towards being a design-led technology business. Revenue is still expected to be around £61m (2016: £53.1m) whilst revenue growth and the development of the forward order book are in line with expectations. The order book currently exceeds £32m, a new record level and up from £25.8m at 31 December 2016. Double-digit revenue and profit before tax growth is expected in 2018. Results for the year ended 31 December 2017 are due out on 13 March 2018. We feel that the shares have fallen too far and rate them as a BUY.