COO results analysis, page-7

Naturally impossible to be happy with the last few years of declining revenue and profit. The higher spending on product development obviously has been an essential strategy. The next few years will definitely present some opportunities within the E-health space so they have to be well prepared. Their new Corum Clear package will be one of the premium platforms for pharmacy and will have the connectivity, security and robustness required for the new era of patient care and data management at the pharmacy level. It goes without saying that they need to have a "must have" product that can capture new market share and in particular must be attractive to the larger groups. Apart from acquisition it is probably the only way to boost revenue.

Tough times, but even with the revenue decline and high spend on R&D, Corum is still fundamentally and operationally still a profitable business. Declining revenues are never well received and so it is not surprising that the market perception has the share price (and market capitalisation) where it is. Undervalued now but has to regain market respect.