This is a really decent discussion I hope we can keep the GLH...

This is a really decent discussion I hope we can keep the GLH forum decent. The last thing I want to see is irrational cheerleading, as that would be a time to sell.

I considered topping up at around 30c, but I didn't get in. Have had a big holding (for me) of GLH consistently through the drop and rebound. I'm happy with my current level of exposure and I'll just let it play out. As long as Mathew Cherian keeps playing with a straight bat, I'm happy to hold.

Also, I agree that the profit is misleading, and ultimately the most conservative (and my preferred) way of dealing with the R&D would be to have at least some of it expensed, as that reflects the business better, in my opinion (some level of R&D is required just to keep the products running smoothly). It's a good point about amortization, and I'll bring it up with the MD when I speak to him next, after I've looked at the accounts again.

Either way, I'm looking at cashflow rather than earnings. Note (relatively) large unearned revenue.