28 March 2017 – interim results
In the six months to 31 December 2016 revenue increased by 45% to £0.9m (2016: £0.6m), also up 10% sequentially on the previous six months. The operating loss was reduced by £0.2m on the same period in the prior year to £1.7m, up £0.4m sequentially on the previous six months. The loss per share was reduced 75% to 1p (2016: 4p) reflecting the increased number of shares in issue in the period. Cash and cash equivalents as at 31 December 2016 were £2.7m. Ultimately these results are irrelevant as the opportunity lies in rapid growth in the coming years. We continue to believe in the company’s potential but note that there is plenty of work to do. SPECULATIVE BUY.