2 July 2018 -, trading update
The company has issued a trading update covering the year to 31 May confirming that trading in the second half was in line with expectations. The group had previously announced that second half trading was likely to have suffered from delays in certain contracts and revenues for the year are likely to fall to £24m (2017 : £35.4m) as a result. Operating profit for the year is likely to be a little higher at £1.8m (2017: £1.7m) whilst net cash at the year end was £3.4m (2017: 2.6m). Although the statement was expected it remains a little disappointing but hopefully things will improve in the current financial year. We therefore continue to rate the shares as a SPECULATIVE BUY.