What's really exciting is the huge free cash flow - nearly $7M...

What's really exciting is the huge free cash flow - nearly $7M generated in HALF a year!! Even if we take a bearish view and cash flow declines in the second half (let's say to $6M as the company says it should exceed PCP) - that means the actual cash profit generated through this financial year should be around $13M !..

If you take the circa $9 Million cash on the balance sheet (and climbing) of the market cap, it's market cap is actually around $56M - therefore a more accurate estimate of the forward cash PER is around 4.3... just crazy.

On top of this, during the half year the company has paid of nearly all it's debt and also paid an increased the dividend.. The underlying cash return on Equity,- if you factor into account the $9M cash they have sitting on the balance sheet - is around 20% - a wonderful business with a HUGE margin of safety built into the current price.