this one puzzles me, page-17

Cheers Zoot

I think the company is using fairly careful wroding about the Govts ability to insource - ie I would bank on it happening by mid year.

That said, if they can generate sustainable EBIT around the 3.7-4m (ie without the govt client), then current valuation doesn't look aggressive.

I have bought and sold SNN already but will keep an eye on them, may jump back in if they drift much lower. I'm still a bit nervous about their remaining business in light of director selldowns though.

Cheers
Zinc