Why the drop ?

Well that's well researched !

Could be starting a recovery.

Capitalised at 1.3m and has Cash of 815,000.
Debtors of 3.5m and Creditors of 2.1m.
Turnover of 10.4m.
Realistic goodwill write off and "trading" loss of around 500,000.

Bad news out the way and positive comment going forward

Prospects

The Board is disappointed with the Group's results for the 2006 financial year.
The combination of reduced business being transacted across the Group, tighter
gross profit margins and a significant bad debt provision, have all contributed
to a poor trading year. Strategies undertaken to open up new business
opportunities are taking longer than expected to generate meaningful results.
However, the Board remains optimistic that the Group's existing business, its
customers and its contacts are sufficiently solid to enable it to return to
profitability.

Some buyers have been chipping away at this one recently.

Dropped on no trades !

Well seen the drop and annoyed !! Good opportunity again with this minnow if it can turn itself around.

In 2007 Excalibur Ventures Limited ("Excalibur") expanded its business from its
core procurement services into two further specific areas. These are heavy
equipment rental and specialised oil procurement services. During the course of
2007, Excalibur's traditional procurement business stabilised at a level lower
than before, due in part to the relocation of its principal customer's buying
operations. We have maintained this level up to the present date.

However, Excalibur's rental business, which rents out heavy plant and machinery
for infrastructure projects, has expanded from a small pilot programme to a
full scale operation whose benefits should be seen in the coming years. In
addition, Excalibur spent a significant amount of time in 2007 doing the
groundwork for its specialised procurement services to the oil sector by
forming relationships, marketing and building a broad contact base. It is a
common feature of this type of specialised procurement that the gestation
period is considerably longer than we have been used to, typically between six
and twelve months, and occasionally longer. We anticipate our first orders will
be received in the second half of 2008. We hope that with all the hard work put
into this area, future orders will grow steadily thereafter.