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does the lowly number of buys in September point to the nominated advisor (broker) holding quite a bit of stock?

The eps for the March year 2015 remains unchanged at 1.6p which is unchanged from Hardmans July 2014 report. Infact no of the 2015 forecasted numbers have changed what so ever. The key for the interim due in mid October will be free cashflow generation as no one believes the rubbish profitability numbers LRM reports due to capitalising a chuck of its software development.

looks like the broker is sitting on stock

Good that you got a coffee and biscuit. If anyone out there attended the meeting and can give some feedback on the body language and confidence of LRM executives, this would be great?

There are such minute differences between developing new software products in risk management and compliance that effectively are replacing existing products and developing new functionality in existing products that I personally believe expensing development costs is generally the better approach. Is the software development occurring in genuinely new products ?

Thanks for the update. Problem is that the first half 2013 was quite weak with EBITDA (when capitalising R&D) being just 0.1 million, while if one actually expensed R&D (which they should be doing), then EBITDA loss was 2.4 million. So trading ahead of an underlying 1st half loss is hardly inspiring. Did anyone attend the AGM and get a better feel for the outlook?

Does the market simply look for small caps with cash earnings as this one has top line growth and intellectual property yet trades at less than 1.5 times 2014 revenue