full year results, page-6

Not to take anything away from the great result but you need to be aware that $1.2m of the $6m profit was non-operational and a one-off.

Thus operating profit was circa $4.8m vs. MC of $35m. Thus current PE of 7.3. Not sure how, within the existing business units a FY13 NPAT of $7m could be expected.

I acknowledge that there was a large impairment charge too in the FY12 figures.

COO looks like a robust company with two unrelated business units delivering roughly equal contributions.

To me it looks like their two business units are relatively mature with little organic growth to come.

Thus any further growth must come from either a new start up unit or a bolt on acquisition.

COO is currently a cash cow with a great (and improving) balance sheet.

Key for shareholders is how management decide to provide shareholders with a tangible return from the business success.

Cheers
John