19 September 2019 – interim results
Although they are rather meaningless given the early stage of the group’s development, it has announced interim results for the six months to 30 June and these revealed a slight drop in revenue to £1.6m (2018: £1.9m) with an adjusted pre-tax loss of £8.01m (2018: adjusted pre-tax loss of £11.5m) being reported. At the end of July, the group had cash of £5.2m although it is looking to raise between £5m/£10m of new equity before the end of the year to fund future development. We continue to believe that the company has a potentially exciting future although potential investors may want to wait for details of the fund raising to be announced before investing. We therefore rate the shares as a HOLD.