Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-31

although they are all in the cyber space many of them are totally different animals. I am not really across all of them but someone like FZO is more about supplying the technology rather than bodies, so you would expect them to have far fewer people. I think CyberCx is much closer to TNT in what they do and they also have large numbers of people.

to a great extent analysts look down on service companies and particularly ones that have grown by acquisition.

On an annual basis, TNT is cash flow positive and has been for some time. What it needs to demonstrate is that it can actually make a taxable profit after all expenses are taken into account, not just an operating profit for the business units.

I think we are very close, but whether that will make a difference to the share price is anyone’s guess. It should help to make the company more “respectable” and maybe get some analysts covering and recommending it.

At the moment you get wallies on ****** having a quick look at the accounts before they go on and they just see a loss and terrible share price history and they bag the company. You want it to be profitable so that people might actually look at it more seriously.

As far as a takeover goes - at the current price it has to look like a bargain, but you also have to have the insiders going with it and hard to see that happening at the current price. A hostile takeover has no chance as Geoff Lord can almost block it on his own. Of course if they see the value in a merger with another company where they retain shares in the merged entity, I could see that happening. Often egos get in the way of that kind of deal.

so the price is pathetic and depressing, but roll on FY24. I have a few of these speculative IT companies and they are fun but not for the faint hearted. Fortunately for my blood pressure I have more of the boring main stream ones as well.