18 November 2014 – interim results
Disappointing interim results have not been well received. Group revenues were virtually unchanged at £13.26m (2013: £13.25m) and profit before tax was £727k versus £1.50m last year. Diluted earnings per share slumped from 0.39p to 0.15p. Net cash was £1.71m versus £1.84m at the same stage last year and given the market capitalisation this should not be ignored. In the near term, even at the current level, the shares look weak. They are likely to move lower in the coming days, but we see long term value and keep our BUY rating.