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Hi ShareNicely, Many thanks for your detailed reply to my query. We've managed to double our revenue every couple of years for some 5/6 years so the latest figures do show lower growth. However the MC is still some 6 times revenue so perhaps I shouldn't complain! I did vaguely see some slowing down but didn't give it real thought. I think that some of the higher admin and expense costs were one-offs and that should fall back into line.

This year is transitional for the group and it does remain to be seen as to whether the BoD will get it right. The deal with Metropolitan Commercial is slowly getting there and probably only now beginning to add revenue and it will be interesting to see how future growth works out. If it's successful then add the potential of the iwoco announcement and next years revenue increase could be high. Hopefully also expense and admin costs will be better contained.

As you say the downside is largely done now. I believe so far so good and if future acquisitions go the way of past ones then one day Rodney! Again thanks.

To AaronQ. I challenge you to prove your statement within 24 hours. If you fail I will report you.

This year will largely complete the restructuring of GMR and while the kindred deal will have an impact on the last quarter it will be a real boost for next year. I have real confidence in the progress now - the future is looking really good. possibly have to wait for the full year trading update for the market to really appreciate the potential here.

Scheduled for the 24th with no "new material information" But they will talk about company strategies and growth opportunities which may mean that there will be an update prior to the 24th. My thinking is that even if new material information is omitted from the presentation some could inadvertently slip out at any Q & A session at the end.

As one who has complained about the lack of acquisitions since the fund raise, specifically for that purpose, over 2 years ago I do have to congratulate the BoD on the Sapienza purchase. It seems a cracking company with a wealth of facets - not least IA.

Can't wait for the 1st half report in say 5/7 weeks time. Should be very interesting indeed. Happy Bunny time!

Yes jsmith I think you could be right re buying - trouble is at the moment I've no spare cash!! But it is tempting to take a little profit here and there and dip in. need to do some sums. Cheers.

50p in the last 2 months. I can't make it out. Anybody any ideas?

Yes certainly an interesting update. Hardide is now in a sort of limbo condition. According to one of Kirkams presentations it takes a year to order and commission a reactor which can generate about a million of revenue. Therefore with only 5 full production reactors we must be close to full revenue (one reactor is often out of production because of R & D plus testing) Although we ordered a reactor in May it will be used to facilitate the move to new premises and not add to production until that is completed in say September when the other 2 reactors should have been delivered.

Judging by the way orders are increasing and new customers are being added a production bottleneck could appear - it's a nice problem to have and as I see it the only solution is to order more reactors in perhaps a few months time. For me this will be a signal of real growth. As Kirkam has said we are at an inflection point. Perhaps I shouldn't count my chickens but as this is my largest holding (and my longest!!) I'm the most optimistic since 2006 when I bought at 11p which in new money is £4.40 a pop. Oh yes they were the days. Fortunately I topped up a couple of times at 3 for a penny and am in profit. Onwards and upwards folks.

Strong Board appointment with the present guy being retained - always a good sign. Excellent numbers in the interims. So why the sp dip??

Really good news re the restructuring - took longer than I thought - always the way! I'm 50% or so down and will definably be doing a bit of averaging down - roll on the full year figures.

Indeed yes, sensible precaution and helps to maintain the gentle upward sp rise of the last couple of weeks. Hopefully a positive 1st half trading update will soon be announced to continue the trend. Onwards and upwards folks!

If the 9 new contracts value at 1.2 Mill is an annual revenue (which the RNS doesn't say!!) then it's a cracking deal as it is 1/3 of Redlands annual revenue. IF this is so then what I thought was an expensive acquisition is actually quite good as 1.2 Mill is some 2% of ideas revenue anyway. There's also a whole new raft of cross-selling opportunities both ways. Rock on!

Hi S740, yes possibly a short term hiccup but as we have recently added planes it shouldn't hit revenue. As you say it won't be difficult to either sell (and they say the planes book value is lower than the market rate) or lease on.

The only negative is that I understand that at the usual end of the lease involves the leasing company paying to remove there branding. That may not happen here.

Hi notaflipper, Interesting post and I'd like to put a couple of points. It's difficult to assign value to the company over the last 3 years or so because of such big changes. I'm not to certain that I have been disadvantaged by dilution. I've looked at a couple of the year end figures for 2017 and compared them to 2019.

In that time revenue has gone from3.1 Mill to 8.9 mill. Closing up to treble. Headcount has gone from 52 to 94 almost doubling yet Directors emoluments have gone from 0.97 Mill to 1.2 Mill which is only some 30% - seems good value to me - not bad in 3 years considering the headwinds which have now been removed.

These headwinds were the uncertainty of litigation and the removal of the drag of debt which have greatly strengthened the company. If one now adds in the acquisition of Elucigene with the large product and geographical potential it gets difficult to measure the company's value.

To me the SP is more relevant. I got here via viaology and have done some top-ups since. In October '17 I bought some at 7.34p. in November '17 I top-up at 4.79p and again in January '18 at 4.77p. Basically I've more than doubled those buys and am now in overall profit. I can't see that dilution has affected me. Yes I have fewer shares in relation to the overall number issued but the value and strength of the company have both grown strongly and made up for that.

Time will of course tell and like you I'm looking forward to both the half and the full year figures which will tell us if we can realise the undoubted potential we now have. Cheers

Seems a pretty high caliber kind of guy. Once he's on board the BoD will be a great improvement on say a year or two ago. I'm down around 50% will be looking at the results keenly with a view to a top-up. Judicious averaging down usually seems to work for me although not every time.

Hi Dandee - re a takeover. I don't think the BoD would have gone through the selection process if they thought this was in the offing. Never say never of course, but one of my reasons for buying was that this is a fragmented market sector and Gama wanted to capitalise on this by acquisitions. As we have seen keeping on top of such a wide spread business can be quite a challenge and I was wondering what other competitors could be out there. I've no real knowledge of this market but bought in because I could see the business sense. I was actually tracking Hanger 8 back in the day when it was taken over.

I take my hat off to Lyn Rees. Since he joined some 15 months ago he has totally restructured us. This last couple of days has, in my view, proved that we are a totally a different company.

The new test is precisely targeted and so will not be a money spinner but this the future of both targeted test and treatments and I expect more and more products like this that will be automatically used by Doctors, hospitals and clinics. The best is yet to come!

No a400 you didn't tell us. (Your post 10:17) The RNS is a heads up on a framework agreement signed 2 .5 years ago and is worth some 5% of that particular long term contract. The amount is therefore hardly significant because the low overall amount plus the cost of supplying 750 items. It is only some 2% of current revenue. Welcome of course but in my view not exactly significant when you deduct the cost of supply.

I do not know the cost of supply and it is an immediate order so profit enhancing? How much do you think the profit is?

Hi twix, I don't know where on earth you got the information from as in your 09:33 post. The last 4 AGMs Have all said the same thing - a short blunt "all resolutions were duly passed" That's it - nothing else!

Have you actually attended an AGM? If not why not do so? You can put points directly to the BoD? IMHO Rees is a breath of fresh air and is changing things for the better.

According to the RNS of the 20th we will get a "short presentation" at Tuesday's AGM from Rees.

For me the most important thing is the successful integration with Elucigene which I believe could be transformational. Get that right and myriad opportunities will flow.

Hi redjester, thanks for the heads up. iwg is apparently an existing customer and the announcement is quite bullish and from the wording it seems quite a potentially big deal. However I note your comment re a 'much smaller developer' so perhaps this is not worthy of an RNS?