Ann: FY13 Results Presentation , page-13

my take on the results:

the revenue run rate on June 30st is about as i expected at 17m (double the 6.5m revenue in h2.13 + the 4m unearned (deferred) revenue that is contracted and will be recognized steadily over the next 12 months).

the cost discipline is better than i expected. h2 costs are about 10pc higher than h1. cost run rate on June 30st about 15m

That means currently 2m pre tax profit or about half a cent eps fully taxed

If NEA grows revenue by 30pc and costs by 20pc over the following year, profits would double to 4m pre tax and one cent eps fully taxed.

That would mean a forward PE of 35 under these assumptions.

Not overvalued IMO for a growing SAAS company even without considering overseas opportunities.