2 April 2020 – final results
Results for the year ended 31 December 2019 have been released by the information systems and transport technical services group. Revenue slipped to £11.4m (2018: £12.6m) and despite a gross profit of £4.5m (2018: £4.8m) an underlying loss before tax of £0.8m (2018: loss of £0.1m) was suffered. This translated into a diluted loss per share of 1.08p versus earnings per share of 0.15p a year earlier. Cash and cash equivalents at the year end were £0.7m (2018: £0.5m) with the company having raised £1.2m before expenses via a share placing in December 2019 to strengthen the balance sheet and provide additional working capital. This was fortunate timing given the current situation. Although the shares are inexpensive there a probably better opportunities at the current time and we feel that a HOLD rating is sufficient.