London & Boston (LBN) - set to double?

A quick post - on an initial read these are disappointing initial results. But I think that's the point - these are the first results post company transformation. The outlook is pretty confident, and you just have to look at the turnover to look at the potential here for a multibagger on an £11m m/cap.

Some quick notes:
- there's goodwill amortisation of £253k. Add that to the PBT and you get £338k of PBT for the six months, or £676k for the year, without any growth or benefit from an improved second half for Audiotel as flagged by the company.
- there's £2.3m of investments on the Balance Sheet supprting the £11m m/cap.
- don't like the surplus of creditors, will have to investigate the borrowings. Operating cashflow looks OK though.
- the proforma results show a profit after tax of £510k for the 6 months, or £1m for the year based on the quieter first half results.

Hopefully will get some time to post more later.