The turnaround is on at ELEKTRON

Well, I've done some sums and come out with earnings of around £1,100,000 for a full year's trading without any of the exceptional items.

This equates to full year basic EPS of around 1.6 per share.......on a P/E of 8 that makes a fair price around 12.5p.

Given that there's uncertainty in the markets of both their core businesses, I don't think they warrant a much higher P/E, although it must be said that the management have, on the face of it, done very well over the last 12 months and may well make more acquisitions that could be earnings enhancing.

One downside is the Chairman's statenemnt issued with the interims........they seem unwilling/unable to quantify the 'unusual' earnings arising from the backlog of orders whilst Arco was in receivership - (tho I guess those figures are contained in Moneyfinger's secret E mail!)