Highlights:

• Revenues of £3.6 million (2012: £4.7 million)
• Gross margin 40% (2012: 41%)
• Operating loss £299,000 (2012: £51,000 profit)
• Loss before tax £338,000 (2012: £22,000 profit)
• Basic and diluted loss per share of 3.11 p (2012: 0.35p earnings)
• Net cash outflow from operating activities of £1.0 million (2012: £0.9 million inflow)
• Net debt of £1.0 million (30 June 2012: £0.8 million; 31 December 2012: £0.1 million)

Commenting on the current outlook, Raschid Abdullah, Chairman, said:

"The Company currently has no bank borrowings. However the Board recognises that to sustain and grow the business additional working capital finance is required and it is presently reviewing its options for raising additional equity and debt. The 'Fit for Growth' programme which has already produced savings in the cost base will continue into 2014.

While orders have been slow in the first half of 2013 all of the signs are that order intake will improve in the second half although it is largely 2014 that will see the benefit of this trend."
 
 
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