Crimsonwing plc's share price slumped 13% during the final stages of today's trading session to the €0.40 level in reaction to the publication of the March 2010 financial results yesterday evening revealing a marginal loss during the year.

Otherwise the financial statements showed a 1.7% increase in revenue to €12.3 million and a strong recovery in earnings before interest, tax, depreciation and amortisation (EBITDA) to €0.57 million from a deficit of €0.65 million in the previous year.

This improved operational performance of the IT services group was the result of a drop in the overall cost base due to the implementation of various cost saving measures during the year. In view of the loss incurred during the year the Directors did not recommend the payment of a final dividend.

Yesterday evening Crimsonwing also published its Interim Directors' Statement covering the first quarter of the 2010/11 financial year. The directors stated that the group is seeing increased demand for its solutions and services resulting in increased revenues (+245) and improved EBITDA (+66%). This trend is expected to continue in the second quarter.

Elsewhere in the market, Bank of Valletta plc edged minimally higher to close at €3.265 on volumes of almost 12,200 shares with outstanding bids already placed at €3.27 and lowest offers now at the €3.30 level. Meanwhile HSBC Bank Malta plc closed unchanged at the €2.98 level after recovering from an intra-day low of €2.961.

The local postal operator, MaltaPost plc climbed 5.9% today to regain its 2010 high of €0.90 on volumes of 22,000 shares.

On the bond market there was high activity in a number of corporate bonds and Malta Government Stocks. On Thursday afternoon the Treasury is expected to establish the prices of the 2 new MGS on offer next week. Prices of all MGS closed lower today.

More information is available on www.rizzofarrugia.com

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