Read an article this morning in CITY A.M (London freebie paper) which led me to take a look at this outfit. Estimated 18 million mobiles will be dumped in the UK in the next year which FONEBAK then sends over to Romania to recycle from its Essex base. Low cost base with overseas expansion means this looks like a cash cow - interims to 30 June 2005 show turnover at 37.7m with profit before tax, goodwill & exceptionals at 2.7m. Current estimated p/e only around 11 and the directors are promising a maiden dividend as soon as possible. The only thing I can see to be worried about is the apparant lack of liquidity in share volumes.

I am very tempted to buy ..............................