Tomkin; ADVFN didn't make a trading loss for Y/E June30th 2006; without the exceptional costs of the acquisitions it would have made at least £2m profit imho. These acquisitions give the company a basis for making far more than £2m/annum though and that is why I am happy to see the company grow as it is at present. Management do need to be careful that they don't run out of cash by expanding too fast, without sufficient income, especially if a downturn comes as you suggest it might. Personally I can't see that happening in the first half of the year, if at all, for a year or two?