6 August 2014 – trading update
Revenue for the 12 months to 31 July 2014 was in excess of £37m, more than 15% higher than the year earlier, and in constant currency over 20% higher. There has been revenue growth in all major regions. Gross margins were marginally up on the previous year but overheads were around 15% higher as the company continued to develop global sales and distribution. Operating profit for the 12 months to 31 July 2014 will be around £2.4m, up 17% on last year. Profits were affected by sterling strengthening against the US dollar, which is unwelcome but unsurprising. Before foreign exchange movements, operating profit will be around £2.7m, approximately 50% higher than last year. We continue to rate the shares as a BUY.