Ann: Half Yearly Report and Accounts, page-11

The annual reports are clean its just the above treatment of R&D that has made it not line up perfectly. There is no manipulation of this stock, its just unloved at various times of the year. Its a cycle that you can track back since listing years ago. People get bored with no information, perceive a lack of growth (which is a valid point) and sell out. Then you get a half decent announcement, often with no real $ implications and the price shoots up.

Its the lack of depth in buy / sell that pushes it either way quickly on low volume. There is only 8.5m shares of which top 20 hold 45%. It only takes somebody wanting to unload 10k on the wrong day to drive it down a decent %.

I've been a supporter for a long time and hold a reasonable portion, and go to the AGM when I can, and even I am jaded by it as the R&D investment required seems to always chew up any decent profit..