Ann: Profit Guidance , page-30

The company itself has said, on various occasions, things like "Some of these new markets are now experiencing a rush in demand for gold detectors." Have a flick through the announcements.

There are some defensive, counter-cyclic revenue streams in this business, but the spikey nature of the earnings (especially since the Minelab acquisition), tells me that the cream on the top is discretionary non-huminatarian, non-military spending. It does not matter what cycle it is linked to, the numbers tell me all I need to know about the nature of its earnings. These are hard to predict, making a reliable valuation (at least for me) very hard.

Happy to be wrong, but not my kind of company.

Good luck to all who hold.