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SerVision

  • BY: Andrew Hore |
  • POSTED: 30/06/2014 |

Digital security systems developer SerVision performed better in the second half of 2013 but revenues were still lower. 

In 2013, revenues declined from $4.02m to $3.51m, although gross profit was flat at £1.88m. Provisions for bad debts increased from $663,000 to $1.82m and this meant that the loss increased from $1.55m to $2.81m. The bad debt includes $1.12m relating to the delayed implementation of a manufacturing agreement in China. There was a cash inflow from operations but even more cash was invested in intangible assets. Net debt was £1.67m at the end of 2013.

Sales in the first half of 2014 will be better than the $1.26m reported last year.

SerVision is raising additional cash and has already secured £625,000 at an expected share price of 5.2p a share – a large premium to the market price. At 3.25p a share, SerVision is valued at £1.8m.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFJune2014_57.pdf

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