$3m ebitda for quarter. 28% margin A healthy result. Personally...

$3m ebitda for quarter.
28% margin

A healthy result.

Personally would expect net receivables to be stable also ~$5 to $6m so they have clearly sorted Working capital and debt concerns.

Post raise ~$30m market cap, on a run rate of $12m ebitda. Or EV of 3x ebitda is looking a bit silly now.

We have also seen what I feel is a bottom in the Euro and GBP with some recovery lately.

A poor response from the market however. Especially considering MBE spiked nearly 60% on an average update, Monday.