The best of the UK's telematics bunch released another set of excellent results for the year to August. Pre-tax profits (before £4.7m of exceptional costs) rose 175% to £3.3m on £124.7m turnover - a long way ahead of house broker Investec's forecast that it would just about breakeven. The shares are also trading at a much more realistic level, having reached nearly £9 during the tech bubble. For a high-growth company operating in a market that is still in its infancy, Minorplanet shares are trading on an enticing forward p/e, given Investec analyst Chris Godsmark's retained forecast for 2003 of £151.6m sales, £10.6m pre-tax profits and 10.7p of earnings. Its operations in continental Europe and Australia are now profitable, having seen aggregate sales more than quadruple during the year. The UK arm has also been performing well, with US operations the one blot on Minorplanet's landscape, having been restructured at a cost of £4.7m during the period. Godsmark admits that doubts remain about Minorplanet USA, adding that the group could suffer from economic weakness. But the performance has been admirable so far. Buy.