Now then, you may ask why all the fuss, lets face it the pre-tax profit is down from last year, but heres a few things to be munching over.
Second half performance was very strong and pulled the company around. Looks good for the future.

Last years profit included an exceptional profit of 321,000, strip that out and you are looking at 422,000 2003 versus 135,000 2002. It appears that from past RNS records the company disposed of three locations in 2002.

Earning per share, (VIP,)increased from 0.91p to 0.94p.

Free cash on the books was over 7 million.

The management are strong and very conservative to say the least. Last year they reduced total overheads by 5.2%.

Nav per share is 98.3p, current share price 64p, so a whole lot of underpinning there.

Management Buy back of shares led to less dilution.

A distributor of HewletPackard/Compaq hardware. A world leading brand.

And last but not least dividend to be paid of 3p for the full year (has to be taken into context with last years profit).

Downside sure there are pricing, sale and margin errosion in this ever increasing competitive market place, but for sure the second half performance plus a report from chip makers showing that recovery as started(that I have placed on the board previously)bodes well for the future.

And lets not forget, we are more or less on the very ground floor.

Best to get in before the herd.

gf.

good