Mike29 Apr 2010 00:13
This sums up the potential nicely and what the results could deliver. It was taken from the interims and I ask how many microcaps are profitable as TSE is? If they can grow on this foundation and win more business from the upcomming Olympics then we should see a significant re-rating of the share price to around the 0.5 level.
CHAIRMAN'S STATEMENT
I am delighted to report a strong trading period for the six months ended 30
June 2009. Revenue has grown by over 33% to GBP818,212 (6 months ended 30 June
2008: GBP611,875) and profit before tax has almost doubled to GBP101,361 (6
months ended 30 June 2008: GBP54,976).
During this period we continued to develop the recognised TSE brand with the
announcement of our new Sports Performance division headed up by Steve Roush,
the former highly successful Director of Sports Performance at the United States
Olympic Committee; this division has already secured its first assignments in
Saudi Arabia and Turkey. A further new business line on Event Appraisal was
launched in May, enabling us to offer our public sector clients a full scale
cost/benefit analysis of sports events. This new business line is headed up by
Jorgen Hansen, from TSE Scandinavia in Copenhagen.
Our international expansion continues with the opening of our Middle East office
in Dubai, which was announced at our Annual General Meeting last month. This new
office is already in discussion with a number of potential clients in the
region.
Our current activity levels are at the highest the Company has achieved and it
is reassuring to know that there are also a number of significant proposals and
responses to tenders in the pipeline which, if successful, would be commissioned
in late 2009 and 2010.
Our strategy has historically been to grow TSE organically, and although the
rate of growth has been slower than first anticipated, due largely to the global
recession, the strategy of organic growth through geographical expansion has
provided the Company with a solid and respectable position in its marketplace
with significant potential for future development.
We have currently contracted 75% of our 2009 budget and, subject to any
unforeseen circumstances, we believe that 2009 will be another year of
significant development and progress for TSE.