5 February 2019 – trading and strategic update
The company has provided an update on trading for the financial year ended 31 January 2019 as well as a strategic update. Performance for the full year is set to be to be line with the upgraded market forecasts notified in a trading update on 1 November 2018. Group revenue from continuing operations (on a like for like basis) is expected to be approximately £33.7m versus £29.8m for the prior year. Group net cash was approximately £10.1m as at 31 January 2019 (31 January 2018: £5.2m). In terms of strategy, the most significant news is that Elektron Eye Technology is no longer seen as core to future plans and the company will now seek to sell the business. On balance we believe there is interesting upside potential and rate the shares as a BUY.