1 May 2105 – final results
Results for 2014 have been released. Revenues were up 49% to €106.4m (2013: €71.5m), ahead of market expectations. Profit before tax was up 30% to €35.7m (2013: €27.4m), again ahead of market expectations, and earnings per share were €0.094 (2013: €0.074). The year-end cash position was €82.8m (2013: €64.2m) with net cash standing at €40.4m (2013: €42.8m). We rate the shares as a BUY.