With the buyout from its erstwhile parent company having been completed in late December, maiden interims from public sector focused software and services business Civica - showing a £1.6m loss from £24m of revenue - were largely unrepresentative of the group's true performance. For one, only 14 weeks of revenue were included, for another £1.8m of non-recurring interest charges and £895,000 of exceptional flotation costs weighed heavily on the bottom line. Pro-forma figures for the six months to 31 March therefore painted a more detailed picture and the response of the market to these numbers was largely positive. On a pro-forma basis, sales increased 19% to £52.5m, lifting profits before tax and goodwill by 11% to £3.8m. Much of this growth stemmed from the sale of software, by some way the largest of Civica's three businesses, with demand from the law enforcement sector (eight UK police forces signed up for the company's automatic number plate recognition systems during the period) particularly strong. Demand for the company's higher-margin consulting and managed services offerings also rose steadily. Chief executive Simon Downing prophesises further rises in public sector spending and as long as new contracts continue to roll in Civica should prosper. An £8.6m profit before goodwill and exceptionals is anticipated full year. At current levels the shares are fairly valued.