Densitron reported interims ahead of Peel Hunt analyst Peter Joseph's expectations but he has downgraded his forecast for the full year due to the effects of the global slowdown, especially in the US where the company expects a £1m profit compared to £7m last year. Pre-tax profits for the six months to 30 June were £525,000, though this still resulted in a loss of £141,000 when accounting for tax and minority interests (coming from its 45% holding in Taiwanese LCD maker Hitech). Turnover increased 8% to £15.1m. Hopes focus mostly on the company's Taiwanese interests, where it holds a 25% stake in VBest, another low cost display manufacturer, in addition to the stake in Hitech. 65% of company turnover refers to LCD sales, with the other 35% accounted for by computer sales of various kinds. During the rest of the year, investors can look forward to the opening of a new plant in China, the launch of a new MP3 player, and evidence as to the success of the Cassius multipurpose consumer computer and the restructuring that has taken place in the US. Ross Stuart, chief executive for the past six months, says 'take notice of how inexpensive the stock is'.