Just stumbled across Trajan this morning catching up on some reading. Not held, now a bit interested. Had a look here to triangulate and only saw Noddy74's great stale straw so thought I would drop in a quick update. February first half results are here --> https://trajan-assets.s3.ap-southeast-2.amazonaws.com/1_H_FY_22_Financial_Results_Investor_Presentation_aeae742717.pdf

Key highlights

• Significant revenue growth (+/- 20% pcp) to $43.7M
• Some cost control to GP Margin of 40%
• Normalised EBITDA $4.8M
• Organic growth low double digits; average revenue growth in top 10 customers 18%
• $33M cash at bank

Full year Forecast

• Revenue of between $104 and $110M
• Normalised EBITDA $12.5 to $13.5M

Very acquisitive at the end of last calendar year buying 4 firms and it looks like that those have been well executed and have strengthened the right capabilities.

About Trajan

We’re an Australian headquartered, global developer and manufacturer of analytical and life sciences products and devices, founded to have a positive impact on human well-being. We do this through consumable products, devices and solutions that are used in the analysis of biological, food, water, and other environmental samples. Through our portfolio and technology pipeline we’re supporting the move towards decentralised, personalised data-based healthcare.

Two Divisions

Analytical Products Trajan’s analytical products and components are sold to a broad range of participants in the analytical science industry, including large OEMs, pharmaceutical, food and CRO laboratories and scientific distribution companies.

Life Sciences Solutions Trajan's life sciences solutions focus on areas directly related to human health. We enhance and optimise workflows with a variety of automated preparative or sample collection systems ready to integrate into laboratories, or generate custom solutions for life science research and development.

SP has been bullish the last couple of months, up 22% since early March. I wish I had been catching up on my reading back then! Small numbers of buyers/sellers. High ownership from founder.

I'll be doing a bit more digging, possible that there's something here but is trading on a high multiple of earnings as @Noddy74 pointed out.