My analysis of PIT's value

michaeld - very interested to hear that you have seen the facilities and seem fairly impressed by them. I too hope that the problems with the production kit are not serious - I remember seeing a documentary on Royal Doulton which showed their mega-expensive automated kit dropping clay left right and centre! I should think that making tiles is simpler than sticking bone china handles onto cups using robots.....

My analysis at the start of this thread was performed from memory and, having checked the figures, I now realise that I have understated underlying profit.

The pre-tax profit I used from the interims of £403k is actually £567k excluding exceptionals, whilst interest charged is £400k per annum, not £300k.

Therefore post-tax profit within 2-3 years is more likely to be £1.3 million than £1 million. This would take my valuation to (10x£1.3million)+£5million = £18 million, or 9.7p per share, a gain over the current price of 177%.

A question to finish - just what exactly are "raised access floors"? I can't get the image of tiled wheelchair ramps out of my mind.....