Christo Philipson, the chairman, said the international bloodstock market was getting stronger.
But he warned shareholders not to expect any 'dramatic improvement' in results this year, as margins were under pressure from increased competition. But the group held on to its market share in England and Ireland.
'I believe, however, that we are now in a strong position with our streamlined organisation to capitalise on any further upturn in the industry,' he said.
But the shares tumbled 15p to 107p yesterday.
The company has sold its Dublin premises by public auction and is moving to Kildare, the centre of the Irish bloodstock industry. The move is expected to produce cost savings and help to boost the group's cash position.
The results were helped by a jump in interest income from pounds 1,000 to pounds 13,000.
Helped by no tax liabilities, the loss per share was trimmed from 8.1p to 5.5p. There is no dividend.Reuse content