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Hi ABLE, Yes your quite right organic growth is initially expensive in materials and facilities. The last 12 months have seen revenues of some 50 Mill of which only some 3 or 4 will be acquisition income from Westec. However the finals this year will reflect at least 6 months of Sapienza's revenue so some 60 Mill is possible.

The current SP results in a MC of about 50 Mill which is 10 Mill less than our potential revenue! Take away some 9 Mill in cash and the valuation is only about 40 Mill! I just don't understand it.

However I
don't think the worlds debt problem is applicable to TPG. Defense budgets are often resilient in the face of debt and recession and the MoD is actively considering a new procurement procedure that will favour UK companies. Space spending and other technology budgets can also enjoy protection. Add in our remarkable forward order book of some 80 Mill plus 9 Mill of cash and I can't see world debt a problem. Mind you I can't see why the SP is so low anyway so you might just have a point!

All the best.

Impressed with the revenue figures. Lat year the 2nd half revenue was almost 50% better than the 1st half and I thought we might struggle to maintain that level. However we easily beat it and with revenue from Sapienza to add to the 2nd half then 55/60 Mill is achievable for the full year. Sapienza itself looks very promising with it's international customer base.

The pipeline growth is also impressive. We seem to be coping with these two strong growths and we've got the cash to continue to do so. A lack of profit is a little disappointing but perhaps inevitable with such strong growth which can soak up spare cash. This lack of profit will perhaps disappear as this speed of growth becomes the new (hopefully) normal.

One never knows ones luck - maybe a mention of divvy's in the full years report?! Not necessarily looking for one but a mention could be good...

The open day has always been a way of the company demonstrating it's openness - not like one or two other companies I've held. Opaque is not the SRT way. This approach is applicable to both customers and shareholders.

I just hope the recent SP rise will be underpinned by a new announcement re a new MDM contract. ST may be a little over enthusiastic re new contracts but his straight forwardness gives me confidence.

Hi Boards, last year interims were 27th September. As the news is better this time and the accounts simpler one would think a similar date? We do seem to be growing and the interims should show increased revenue with the Full year figures at last showing a decent profit. Roll on a Divi?

The RNS is certainly measured and hardly up-beat but it is impossible to gauge the financial revenue as we have no control over the take up. We have to wait, not just for the punters to pay for the games, but also to see the revenue when it's reported.

Perhaps the number of licenses we have now issued could have been worked into the statement but for now we all need patience.

I too hope a400 is correct but some verification would be welcome. On Tuesday week we get the half-year results. I am expecting really good numbers that may well help the SP(God knows it needs some help!) but for me the interesting thing will be how well the integration of Sapienza is going.

Previous acquisitions have been a lot smaller and relatively 'one-trick ponies'. Sapienza is a more complex company with the potential to add to many of TPG's activities and so give an overall boost to many parts of the business. Any new 'significant' potential may well be addressed then. 9 days to go.

Hi ABLE, While you have a good point re future trading conditions I think TPG is in an unusual position as opposed to most traded companies. We have not produced any real profit or dividends and so can perhaps be considered a start-up.

But reasons to be cheerful! We are on the cusp of transitioning from a start-up. We have a MC of only 50 Mill. In relation to our potential this is extremely low. Our future order book and this years revenue are in fact in line with our MC. this is uncommon. Our revenue last year was 39 Mill with 23 Mill in the second half. Add in the Sapienza effect and we might in fact be well over 50 Mill revenue this year towards 55 or even 60.

We should have broken into profit in the 1st half (figures out in a couple of weeks) if so then at the year end there must be at least the possibility of a dividend (if only a token one) because we have around 10 Mill in cash and no debt. This is another reason to query the low MC. Good figures for the half and full year and I can see a doubling of the MC - never mind any future acquisitions! As another way of looking at the MC, at the current share price a net 40 Mill would buy the company which is progressive and well run and (hopefully) just profitable. It's just to cheap at the moment.

Hi Max - You're quiet right I must have been thinking of Naval Group because I remember thinking when the Sapienza deal was announced that it was a complex company but because it was Dutch, and gave us a foothold in Europe , there would be little language barrier.

Hi Velo, I've just done a 2.5k top-up at 1.08 which I reckon will look cheap after the next set of full year results. To be frank I don't do the level of analyse you do but I'm betting on a gut feeling of a well run disruptive company that intends to grow both organically and by acquisition. Plus of course the small matter that in the last five years the revenue has increased fivefold! What's not to like?

Because our revenue is some 60% from the States it makes sense to allocate one of the new reactors there - possibly to deal with increased demand? At long last the market seems to recognise the enormous potential here.

I'm not to certain about the doom and gloom that occasionally appears here. I've been onboard since Vialogy in 2008 and in the last 12 months since Rees has come in there's been a raft of changes. As part of a small rebalancing I did a top-up on Friday the reasons being:-

Both debt and Litigation gone. A fresh start with a new name and the acquisition of Elucigene. In all the time I've been here I can't think of a more positive situation.

Last year we sold in over 30 different countries. We now have a presence in over 60 territories. In six weeks or so we get to our 1/2 year and while the numbers will be important - for me the integration of the 2 businesses will be crucial. If we get that right our full year will be a massive improvement not to mention profit. I hope the presentation at the AGM will expand on the last presentation.

In the 11 years I've been here I've never been in this positive position with a clear and achievable pathway to profits.

I too have just sold up. I was reluctant to do so as there is a future in quarrying in Kosovo. I bought in because of A - there is lots of good stone and B - the Kosovo government seemed on board and C - there was a future tie up with the USA re Stone Alliance.

I knew the politics would be a bit dodgy but I didn't reckon on the local mafia getting in on the act! All credit to Chris Gilbert and the BoD for getting Fox viable but now it is the politics are just a little to Wild West for me.

BFAR says that by year end 5000 big commercial fishing vessels will have transponder fitted. When that's done there will be 300,000 small fishing vessels to be fitted - Yikes! This must be the 'other elements' that were hinted at when the current contract was announced. My guess is that this contract will start when the current one ends - gravy for ever!

Apologies for previous post! I'm very pleased indeed that we have kept the terrific sp rise and built on it today.

While the RNS was accurate it was a little lack lustre. One or two points from Kirkhams very positive immediate director talk could perhaps have had a mention. I am waiting for the order for the two new reactors for the new site to be actioned. It seems to take 12 months from the order to the commissioning and as one is a prototype that could be longer.

Once we move to the new site we will have expansion facilities on both our sites but that is 12 months away. The bottleneck is the up front costs to fund the 12 month order and supply period on any further reactors over and above the stated two. It's an interesting (and good!) problem to have and hopefully bank loans will suffice rather than further dilution!

This could be the beginning of the end of an R & D company and the beginning of the beginning of a commercial company!!

Only 12 rears so far folks!

qI'm not to certain a to

exellent

Hi bakky, thanks for the link. As extrader says a positive summery. Todays rise coupled with the recent gentle rise all points to an imminent new contract. The vaunted conveyer belt is perhaps about to become a reality! Hardly had to wait at all!

Hi gmac - Us poor PI's will be the last to know what is happening! I've read the 6 articles and there does seem to be confusion as many of the statements are ambiguous. But whichever way you read them there does seem to be more than a storm in a teacup here. And here was I hoping it was just somebody trying to make a few extra bob!

There was a similar RNS 3 months ago. That was I believe for an MRO company - but not actually stated. This is a similar terse RNS. Does it mean that Airbus will be fitting on original manufacturing?

Hi Goggins - In your Wednesday 21.56 post you asked that "why the f would I sell at a loss??" You've had a very practical reason from Steave67. Another practical reason could be CGT. What's stopping you from selling? Not that I wish you to lose money. It would be good to see you happier.

No real idea about the fall in the SP but the acquisition costs 2 Mill and the revenue is at 1.8 Mill with assets of 0.2 Mill. So no real immediate effect.

I think that we have bought revenue and that there may be future cost savings. My view is long term good but currently a neutral situation.