Coms plc (AIM:COMS) – results are a mess but is there light on the horizon?
The provider of Infrastructure and Smart Buildings solutions (the core business was until recently telephony services!) today issued the anticipated truly awful results for the year ended 31 January 2015. This stock has been a complete disaster over the past year or so but could it now be an attractive recovery story?
For the year ending 31st January 2015 (these results have taken a while to be issued, no doubt due to the impairments) revenue grew 228% to £46.0m (2014: £14.0m) reflecting acquisitions and a full year of contribution from Redstone. Unfortunately this resulted in a whopping loss of £15.1m (2014: profit of £1.0m) due largely to significant impairments of approx. £10m relating to the Telephony Services division, which has now been disposed of. The Loss before tax of £14.9m translated into an operational cash outflow of £3.4m with £8.7m of the 2015 operating loss related to the impairment of assets in…