Thanks to Gordgeko for this bit of research, it seems we have a way undervalued company here, a phoenix from the flames.

2004 REVENUE AS I SEE IT:

3.2m sales (from Q3,Q4 2003 figures)
2.0m 12 months sales Kamera (from this aquisition RNS)

0.15m 6 months sales from Foroso (from aquisition RNS)
0.21m 6 months sales from Webcom (from aquisition RNS)
0.20m 6 months sales from AnnounceTV (from aquisition RNS)
0.15m 6 months of VOD Contract with Kamera (from RNS)
0.05m 6 months BT Global contract with VTB OZ (from RNS)

TOTAL FULL YEAR REVENUE FROM ABOVE KNOWN SALES: 5.96M, However current organic growth is running at 42%, with a record Q1 2004 I see no reason why this will not continue, however I will be prudent and say organic growth will be no more than 25%, this adds an additional 1.49m to 2004 sales, giving a total of 7.45 million.

Costs on the other hand have been slashed, with the integration of Unit.net and bigstream being successfully completed in 2003 we start the year before further aquisitions with a cost base of 3.2m, the additional aquisitions of Kamera, Webcom, Foroso and announcetv should integrate well into the VTB platform, so savings on infrastructure and offices should be good. However as a company grows it cannot keep shedding staff, particularly sales staff, so I am calculating that VTB will see a 50% increase in fixed costs for 2004 taking the cost base to 4.8 million in 2004.

2004 Sales 7.45m less costs of 4.8m, leaves a profit of 2.65m for the full year 2004.

The above profit figure obviously does not take into account additional aquisitions that by and large should go straight to the bottom line depending on their geographical location.

Surely this should be 15/20p??

Yes, nice write up. can't wait til we get a nice rise up to go with it !