Ann: Market Update, page-2

Well the signs have been there, nice to see the confirmation that things are truly on the up now. Fleshing out the commentary with some numbers we can assume the full year NPAT will be at least $6.3 M. That is double the underlying profit of $3.4M minus the 0.5M loss on discontinuing operations. Underlying profit is at least $6.8M or 2.2c per share. This results in a maximum PE of 8.6 at yesterdays closing price. This is unbelievably low given the company's financial health, business cycle position and stated outlooks.

I am particularly encouraged by the statement that "Engenco is currently pursuing a number of growth opportunities from which we hope to keep building upon our recent success" These are the words of a motivated management with financial capacity, a different vibe if you go back a few years.