22 January 2019 – AGM update
A trading update was released to coincide with the company’s AGM. At the end of the first quarter revenue and profit were approximately 20% ahead of the same period a year earlier, reflecting organic growth and an additional two months contribution from Anisa Group, which was acquired in November 2017. Sales order intake levels in the first quarter were encouraging. Net cash was £3.38m as of 21 January (30 September 2018: £3.03m). On balance we believe the shares remain good value and keep our BUY rating.