29 November 2018 – trading update

The company has confirmed that underlying pre-tax profits for the year to 30 November will be in line with expectations.  A strong performance from the group’s surveillance and security activities for its global gaming customers has compensated for weaker trading in the UK bus business.  The latter has suffered from a significant fall in UK bus registrations this year, whilst a large bus operator customer did not renew its fleet service contract.  Action has been taken to reduce capacity and costs in this business.  Net cash at the year end should be £6.5m (2017: £3.8m) and the group ended the year with a better than expected pipeline of new business.  We re-iterate our recommendation of BUY.