Ann: Annual Report to shareholders, page-2

A positive report, particularly with some upbeat commentary from the Chairman and MD.

Highlights for me included:
- After tax profit of $251k in a year of transition
- Corum Clear is fully developed and ready to be launched to the market
- Other products developed (Safeguard and ARCScript) are contributing to revenue with take-up of 30% of customers. To me that says there are still potential targets for an upsell
- Costs decreased over the year, Chairman suggests these could reduce by another 15% this year. This is roughly $2m off the current cost base, which post development of Corum Clear is understandable.
- Targeting revenue growth of 10%, which combined with the cost savings, would see revenues of $14m and costs of $10m, so a potential $4m in net profit after tax without taking into account any one-offs.
- Mergers and acqusitions are still being reviewed.
- Cash at the end of this quarter is expected to be $6.7m

For the first time in while, things are looking up. A good half year result and an interim dividends might even be on the cards.