James, its all in the nature of the changed business process and...

James, its all in the nature of the changed business process and the contracts they have been securing.

They have changed the business model as I see it from a purely equipment sales and a meter reading service to a provider of multiple services to the embedded network. By linking with partners they in fact offer the telephony and data as well as electricity and gas. Some of these are still regulated and others are open market.

Thats why I used the word contract rather than order. So equipment sales is part of it but the ongoing supply and meter reading makes the sale become more annuity. As they move forward if you look at their AGM presentation and the investor presentation you will see equipment sales remains static and this year there is a small component of recurring sales, these endure for next year so every new installation adds to this recurring base as an annuity. thats why you could see that level of growth over the short term as the base grows. It will obviously plateau at some point.

Are these projection all contracts - I dont know but cannot see how you would know until you see more installed and can see the base grow. I think if they do well with UWS than those numbers could be quite small as targets.

You have now got IMO credible management, reworked business model and a good chance to succeed. How big it is and how much they can do is anyones guess. This is really an IPO spawned out of a failed business using the good parts and building on managements experience and credibility. INT for me only got going in February and in August would be my IPO date when it got properly funded and the management had put the plan into action and could see a future.

Hope this helps but it is purely my opinion.