Today’s trading statement for the 12 months to 31/12/15 confirms that the group has returned to profitability in H2 thanks to swift management action to reduce costs. It also reveals a higher level of expected year end net cash than we had anticipated, namely at least $2m against our estimate of ($0.5m). Year on year sales declined c18% in H2 which was an improvement on H1, but lower than expected thanks to a project delay in the Middle East. We place our forecasts under review until the New Year.