At the QM Technologies AGM, Nick Debenham, the company’s managing director, certainly seemed upbeat. He forecast similar sales growth to last year (about 13%) and has targeted alarmingly specific growth in net profit of between 14% and 18%. Significant expansion in Victoria and more contract wins are expected, as we think QM’s superior service will help it poach customers. Debenham is also ramping up capacity in digital colour printing, which has also been an area of focus for HPAL. The share price is up 9% since our sector review in issue 210/Oct 06 (Long Term Buy to $2.70—$2.61) and we downgraded as the price spiked towards $3.00 in our last email preview. We’ll stick with HOLD but we’re hoping to upgrade again on any price weakness.