Bond International - Strong growth at a reasonable valuation

Absolutely right, rivaldo. And that doesn't reflect the company's healthy cash position = over £3m net cash at the half year. Admittedly there's £1m owing on the PDI acquisition but that'll be more than met by H2 cash generation.

Latest version of Adapt now being rolled out and development costs largely done in H1, so from H2 and thru 2006 should see the benefit of reduced development costs.

All in all, the deeper one delves the cheaper this company seems. I'll grimly hang on for that inevitable re-rating.