Gladstone is a company which has recently become cash generative and is experiencing a turnaround in its buisness. Following a board change the group has turned the corner in securing future profitablility and is on track to report profit ahead of expectations within the next few months. Currently valued just over 5mil this stock is need of a re-rating and seems to have been exempt from the recent rallys.

Excerpts from Full year:

"Gladstone has made a full year profit after tax for the first time of 184k (last year loss 1,676k).

- Earnings per share before goodwill and exceptional items has risen to 1.53p (last year loss 1.50p).

- The quality of earnings has improved. Software support contracts and rentals now represent 37% of turnover (last year 31%).

- Ongoing investment in our core product MRM.plus2 continues to position us ahead of our competition."

"Our MRM trading division is performing in line with management expectations. We raised 260k by an equity placing in September 2003 and will continue to use
this cost efficient route to raise funds for expansion when appropriate. We are
continually looking for the right international opportunities and are exploring
the use of overseas distributors. Holmes Place, one of our private sector
clients, recently decided to upgrade to our central database solution and will
be using our software across 5 European countries. We have good reason to be
optimistic about the future."


Chart:




Full year:

http://moneyam.uk-wire.com/cgi-bin/articles/200312231436156124T.html

Whats wrong with it? Two words, one beings with B the other begins with M.

Bizpack stick with the facts & figures & you'll be alright.

GLD is in expansion mode now having opened an office in Dublin, bought new larger premises in Glasgow & will be opening a new office in Sydney in September.
They have also issued an upbeat trading statement as well as a batch of contracts & plenty of news on their website listed below - all looks very rosey & the company is massively undervalued.

http://www.gladstonemrm.com/gladstoneinternet/default.aspx

http://www.gladstonemrm.com/gladstoneinternet/default.aspxhttp://www.gladstonemrm.com/gladstoneinternet/default.aspx

Nice chart breakout underway with higher lows and higher highs since February. Two closes above 16.5p and there is an enormous gap above, into which we would head. Going up at a time when technology shares in general have been struggling. A good sign.

Sudden 10% rise this morning to 16.75p. Looks promising. Anyone know why - any thoughts Hawick?

Tipped in the IC today - also good report in Moneywise & Broker reiterates 2.19p EPS giving P/E of 7.5 at current levels - cheap.

Great - thanks Orion. I'll take a look at IC

Lucky I held onto to mine...Lets hope next week will take them well over 20p.

i understand the brokers say true value is about 22p