Another quality report from PCK IMO. The things that stand out...

Another quality report from PCK IMO.

The things that stand out for me are around the contents of the table.

PCK only acquired 7 new RAC customers (excluding those deferred to Q1 FY2020) during the last quarter, but those 7 customers operate 108 RAC facilities.

The big players in the field are getting on board, with more to come.

The other thing that took my eye was that there was a large number of contracts signed in June (the last month of the quarter). Demand appears to be growing strongly.

The U.K. Approach appears to be exceedingly smart to me. Partner with the right entities, who have a strong market position, and who are able to test the waters. Once this has been done, then spend the funds to set up an operation there, and use this operation as the base of the European operations.

Based on my reading the figures in the next quarterly should be great, and that is without any new business coming in through the door in the meantime.

Some sceptics are right to point out that cash receipts are low at present, but I don't think they fully understand the scale that can be achieved in this business without the need for a significant increase in expenditure. The ongoing cost of deployment and utilisation are very minimal for PCK.

Management here, especially PD, are top class in my opinion. Something that can be hard to find in the small cap end of the market.