Shares digital

Finals Thursday 28 June

BULL POINTS

> April trading statement upbeat

> Management team remains focused on cost control

> Improved licence sales will drive service revenues

> Net cash balance sheet

> Pays a dividend

BEAR POINTS

> Has already massively outperformed

> Free float still fairly limited at around 60%

> Not as cheap as it was

SHARES SUMMARY

The new management team is rebuilding the company’s credibility after the pair of profit warnings that followed swiftly on from May 2005’s flotation and saw off former chief executive Tony Hill. There is still work to be done, but organic growth has been stronger than expected and the acquisitions of HAL and Acucorp look shrewd. RM