forecast pe at 6, page-33

I also do not have too much of a concern about the way the R&D is being capitalised as long as it is consistently reported each year.

In reality for the business though, GLH is going to have to continually keep investing in R&D to keep their existing customers, so some of the R&D is really more of an ongoing business expense. That is if they stopped the R&D altogether then at some point they would lose customers.

So ideally some portion of R&D should be expensed.

A potion of R&D that actually grows the business could be capitalised. But then that raises the question as to what percentage should be expensed / capitalised.

I feel that the figures in the accounts are clear enough the way they are and each investor should be able to make their own decision about the company performance from them.

The main thing is not to just look at a headline profit figure but perhaps more importantly consider the cashflow.

profit is an accounting construct and can be altered by accounting changes. It is possible for a company to go broke (run out of cash) while still reporting profits.