Full year results posted after close last Thursday left investors with a mixed picture. They understand the global market opportunity being addressed by SerVision’s innovative technology and products is huge and growing. The evident loss of traction during 2015, however, has seen the shares severely punished, while the Group’s ongoing funding issues clearly need to be addressed with some urgency. Assuming some resolution to the latter is found, and that the sales momentum evident in the opening months of 2016 continues to gather pace, investors could find themselves holding a bargain. Recognising the timing uncertainties that remain and the unpredictable nature of the Group’s operations, Beaufort takes its recommendation down from ‘Speculative Buy’ to ‘Hold’ while awaiting such positive news. – 01/07/16

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