Amorruso - On half-year diluted earnings alone (of 0.5p) the p/e is only 17.5.
Sorry to be pedantic but when you say:-
"We haven't a clue now to costs and by how much the profits will be down now"
It is worth remembering that profits may be less than they anticipated but can hardly be down since last year they made a loss of £385,000. In today's interims they have already recorded a £272,000 profit.
I am certainly happy to hold. It is a volatile micro-cap but the risk/reward scenario in my view is very favourable in the medium to longer term.