Trouble in China!

The AIM listed China based provider of online business solutions utilizing Enterprise Content Management (ECM) technology, recently announced its preliminary results for the year ended 31 March 2010. The usual cash generation concerns surfaced as did an unusual financing arrangement. Many would have been surprised (at least for a China based business!) to see revenue down a material 15% to £12.5m, though profit before tax was reassuringly up 34% to £2.3m and basic earnings per share up 21% to 5.2 p.