23 October 2012 – trading update
Following last month’s trading update, the software and IT services group has confirmed that results for the year to 30 September will be slightly above expectations. We nudged up our forecasts at the time of last month’s announcement to £1.9m at the pre-tax profit level for earnings per share of 3.95p. Net cash at the year end was £4m and despite the uncertain economic outlook, the financial year that has just started is expected to see further progress. The shares have run up from 39.5p in the last few weeks and may now consolidate. HOLD.