We recently urged readers to hold their nerve regarding iTrain, a Growth Company Investor recommendation at 9.75p, following a surprise profits alert for calendar 2004 that owed more to timing than anything fundamentally wrong with the business.

Thankfully, the IT training software provider has raised spirits with news of a £185,000 contract, clinched by recent acquisition Applied Interactive. This deal is the latest in a series of 'repeat high-value orders' for CRM software secured by Applied Interactive from a mystery luxury car maker. Chairman Derek Moore believes there are ways to sell the same technology to other makers of 'big ticket' luxury items such as yacht builders. Moore also tantalised with the news that those deals delayed in the fourth quarter of last year 'are now materialising' and that the new trading year has started positively across iTrain's UK and German businesses. In its surprise pre-close update issued in December, Moore warned sales for the year to December would come in at around £1.1m, falling short of the forecast £1.6m and restricting pre-tax profits to £100,000, significantly lower than the £600,000 predicted. However, this latest contract win reaffirms our faith in iTrain, a firm that enjoyed a near 50% sales hike in the half to June to £440,000, with losses dropping 67% to £30,000. Hold.

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