results, page-19

Not sure why you are comparing PBP to an ASX300 company, it has got a long way to go before it earns that moniker. If you do want to compare it you would have to normalise for tax. PBP will be a tax payinng entity in the very near future anyway.

Focusing on P/E's will get you nowhere. It's Return on Equity that's important, take a look at ABS today. As for your claims that the business is seasonal, I asked the company secretary Jared Stringer about this last week, his response;

"The various business divisions (and products within these divisions) can be seasonal but on a consolidated basis, the business is not seasonal."

So there is no seasonality to earnings on a consolidated basis. The lower than expected 1H08 result was because of the sharp increase in sales & marketing expenses to launch new products. Again from the company secretary;

"Earnings increase in 2H08 will be driven primarily by further increases in sales of branded products (which attract higher margins) with a proportional decrease in sales & marketing expenses."

The company is confident of achieving the 30% growth in profit before tax. However many here, were expecting much better than that. Footsie's forecast of 16cps implies a 75% increase in profit before tax. Very doubtful.

I'm happy I got out of this last week. It seems another little legal problem will be hanging over PBP's head for a while.

Do you still retain your 6 months price target footsie?