6 December 2017 – final results
Revenue from continuing operations in the year ended 30 September 2017 were £38.9m (2016: £43.8m). Adjusted operating profit before exceptional items was £1.4m (2016: £0.9m). Adjusted diluted earnings per share for the continuing business amounted to 0.20p (2016: nil). Following a placing and debt conversion in July and capital reduction in September, the balance sheet is much stronger. At the year end net cash was £0.1m (2016: net debt of £8.2m). Net assets at 30 September 2017 were £30.0m (2016: £15.5m) reflecting the net proceeds of the placing and the debt conversion of £12.6m as well as a reduction in the pension deficit to £0.5m (2016: £3.8m). The company appears to have come through a tough period and although challenges remain we believe the shares are a BUY at this level.