CRC, has not quite rode out the crisis that beset the company in 2003 when its major client Nokia took in-house a large proportion of the business it had outsourced to the the communications equipment repairer. Although it continues to provide repair work for Nokia handsets in Germany, Poland, the UK and now Austria, turnover is still being impacted, falling 35% to £71.2m in 2003. Throughout the restructuring, which saw the closure of operations in Rugby and Ireland, the company has remained profitable, making £3.7m at the pre-tax level, but this is a 52% reduction from the previous year. Focusing now on generating revenues from the IT and home markets, which should represent 46% and 18% of turnover going forward, with mobile repair sales falling from two thirds of revenue to 36%, CRC has made good progress as turnover from these divisions has already grown 24%. This has been bolstered by three strategic acquisitions in 2003 - the Repair Centre of Siemens Business Services, Wincor Nixdorf Engineering centre (both in Germany ) and ADP Technical Services, a UK-based laptop repairer. The two former companies have ongoing three year contracts and together with a one year contract with Fujitsu Siemens Computers, represent sales of £55m. Broker Charles Stanley reckons pre-tax profits this year will rise to £5.4m. An EPS of 18p provides a forward p/e of 8.7 - cheap compared to the sector average of 34.6.