Learning solutions group Adval completed its restructuring and expects to return to profits. Disposing of its loss-making organisational training development division last July, turnover for the year to March fell 32% to £3m but pre-tax losses fell 81% to £851,723. By restructuring its generic product activity the company's cost base was substantially reduced in exchange for a profit sharing arrangement with the management. According to chairman Dr Lars Ahrell, since the introduction of this policy operational profits have consistently been reported. Trading for the first quarter is 'around' break even. Adval also launched a new product: a BTEC certificate in management studies in conjunction with Edexcel, the UK qualifications awarding body. This led to work on a related BTEC in customer services, which is expected to launch by the end of the year. In August, the group won a £2.5m contract - over two years - from Alvis Vickers to assist in designing, developing and delivering the Engineer Tank Systems training package to support the introduction of a new tank into service with the British army in 2005. To boost sales, more sales staff have been recruited. A non-listed convertible loan note and placing also in August raised £770,000 towards working capital. Cash in bank and hand was £378,299. Consensus forecasts anticipate a pre-tax profit of £300,000 in 2005 making EPS 0.3p. The prospective p/e of 10.4 is reasonable, however, this is one for the brave.