Shares were trading at 3.375p almost 44% down at the time of publication, after the group announced earnings before interest tax and amortisation (EBITA) of 690,000 in the six months to 30 June 2005, compared to 2.27m for the same period last year.
Turnover in the six-month period was up more than 6m on the previous year at 30.07m (2004: 24.03m) and gross profit was up almost 4m at 10.1m (2004: 6.03m).
The group revealed earlier this week that a misallocation of 1m of costs last year would force it to restate its 2004 EBITA from 4.5m to 3.5m. As a consequence it revised down its expectations for 2005, saying EBITA for the full year would be roughly half 2004's restated figure. Following that announcement shares dropped from 7p to 5.63p.
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