12 August 2015 – trading update
In the year to 31 July 2015 revenue was slightly higher than expected, with year-on-year growth of 42%. However, significant investment meant that profitability was lower than anticipated and net debt was £7.5m at the year end. There have also been some board changes. Andrew Richardson, Deputy CEO, has tendered his resignation to take a break from work and to pursue other interests. His responsibilities will be passed on over the coming months. Steven Atwell has been appointed as the Managing Director of the Enterprise Division, joining from Sage Group. We rate the shares as a BUY.