10 January 2019 – trading statement
The group has issued a trading statement covering the year to 31 December 2018 and this has revealed that revenues for the year were $45.9m, an increase of 9% over the previous year. The positive trend on gross margins has continued with the operating loss for 2018 likely to be significantly lower as a result. Net cash at the year end was $2.0m and the company is continuing its discussions with debt providers to replace the existing Royal Bank of Scotland facility which expires in February 2019. We maintain our recommendation of SPECULATIVE BUY.