Eveninthismoreaustereclimate,2008hasbegunbrightly。

Atthegroup’supdateinApril,chairmanRichardLastreportedthat,“Tradinginthefirstquarterhasremainedstrong,withrevenuesup13%to£6。

0m…andtherehasalsobeenaslightimprovementinourgrossprofitmargin。

Theboardisconfidentwithregardtoprospectsfortheremainderoftheyear。



HousebrokerDanielStewartisforecastingsalesandunderlyingearningspershareof£24mand12。

0pforthisyear,risingto£26mand15。

4pin2009。

Assuch,thestocktradesonmiserlyforwardp/eratiosof7。

1and5。

5,despiteahealthybalancesheetwithnetfundsof£2。

1masatDecember,oraround35ppershare。

Andtakeawaythedistortiveeffectsofabigcashpileandtheforwardmultipledropstoanevenmorecompellingfive-timesearnings。

Thereare,ofcourse,somepotentialpitfalls。

Beingsmall,Xpertisecouldbesqueezedbyitslargerrivals–particularlyifcompetitionintensifiesastrainingbudgetsaretrimmed。