10 March 2015 – interim results
As expected, the group has posted a large loss for the six months to 31 December due to an exceptional charge of $15.7m relating to the fire at its Swansea facility. Operating profit before exceptional costs was down at $1.2m (2013: $2.2m) on lower revenues of $16.3m (2014: $18.2m). Although the group is insured and the insurers have accepted liability, the actual claim has still to be agreed with the insurers – until that is agreed and there is further clarity on trading the shares are unlikely to perform and we reduce out recommendation to HOLD.