Adacel: one to watch

Tax sellers gone. This one is on the way up. Thorney Holdings have recently increased their holding from 9% to 13%. ADA have forecast a doubling of revenue in fiscal 2003 to around $115-120million. Profitiability for high-end software license sales is around 25%. Net profit for fiscal2003 should be around 6-7million. Presently trading at a forward P/E of around 6.6. Should close today around 5% higher.