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Think PRV is underestimated. Look at large contracts now nearing completion. Little movement in billings/revenues in 2017; billings some £8M above revenues to date (balance in Deferred Income) and whilst there will be some more costs to come there looks a hefty move from Def Income to P&L in the not too distant future. Large gasification project in India should also produce hefty spares income…

Have held FCRM for several years. Target has one customer responsible for nearly half of revenues and one co-founder leaving but staying in the same line of trade with non compete clause. Hmmm.


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