Key Highlights:

• Operational
  • Order book at 31 December 2017 over £18 million (31 Dec 2016: £20 million)
  • Order coverage for 2018 in excess of £12 million and over £5 million scheduled for 2019
  • With addition of Stadler customer list now includes six of the world’s top ten train builders
  • Exports comprise over one third of revenues for second consecutive year
  • Significant investment in new eyeTrain hardware with greater software functionality
  • £0.7 million settlement in respect of historic claim
• Financial
  • Total revenues increased 2% to £15.6 million (2016: £15.3 million)
  • Gross margins up to 38.6% (2016: 36.3%)
  • Adjusted EBITDA* £1,619,000 (2016: £1,621,000)
  • Operating profit £1,245,000 (2016: £1,095,000)
  • Pre-tax profit up 30% to £1,205,000 (2016: £925,000)
  • Net cash £1,286,000 (31 Dec 2016: £775,000)
  • Basic EPS increased 28% to 3.31p (2016: 2.59p)
  • Diluted EPS increased 25% to 2.32p (2016: 1.86p)
  • Significantly strengthened balance sheet with shareholders’ funds up over 70%

 *Adjusted EBITDA comprises operating profit adjusted to remove the impact of depreciation, amortisation, exceptional items, acquisition costs and share based payments. A reconciliation of Adjusted EBITDA to operating profit is included on the face of the consolidated income statement.
 
Commenting on the current outlook, Raschid Abdullah, Chairman, said:

“The Group’s order book at 31 December 2017 was over £18 million, of which £12 million is expected to be taken to revenue during 2018.  We are also engaged in on-going discussions for new projects across all areas of our business, many of which our customers have themselves already been awarded.  This coupled with a strong balance sheet provides the board with confidence for the Group’s prospects in 2018 and beyond.”
 
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