Charts better than tea leaves on GLD

divina,

Not exactly - I've been waiting patiently for the share price to bounce up, but it was starting to test even my resolve. My reading of the charts suggested it would reach this level, but I had been anticipating that this would happen in the run-up to the results, not on bid speculation shortly afterwards. It may continue higher, but I'm happy enough with the profit I've made. In terms of selling "when finally things are looking up after such a long time trading undervalued", do you mean waiting to sell when the price is high rather than when it was low? I thought that was sort of the fundamental idea behind making money.

I didn't read anything in the results to change my mind about the company's performance in the short-medium term, so I was more than glad of the opportunity to exit. What didn't I like about them? Well, let's start with the bottom-line profit: ~£190K for the year (or ~£55K for H2) giving F/Y EPS of 0.4p (ie a current P/E of ~60). Even taking into account the exceptional item for the severance of BM that would still put it on a P/E somewhere near 30. If you look at the detail, you might notice that in H2 admin expenses (ex goodwill and exceptional item) ramped up more than £300K, so any future drop in turnover will likely have a severe impact on profits. According to the results, only 40% is recurring revenue, so they are quite vulnerable in this respect. But as I'm no longer a holder, I had better stop there before isis berates me for having an irrelevant and unqualified opinion.

And finally, no, I haven't put my money on a gambler's share. I have a small punt on Stilo from last year. Nothing major and at a price materially higher than currently, but I'm happy to let it ride and see what happens and I thought there was a chance some others might find it of interest. Let's just say I prefer the odds.

All the best,

Alex