XRF Scientific listed on the ASX in October 2006. As a small company with a market capitalisation of only $11 million, XRF has performed extremely well in terms of developing and marketing its proprietary technology. Furthermore, XRF has remained profitable since listing on the ASX - a creditable achievement particularly in light of the significant capital expenditure that is usually associated with developing new technologies. It could be argued that XRF's share price does not truly reflect the value of the business. As at March 31, 2009, the company had $5.4 million in cash and was debt-free. XRF's interim profit of about $950,000 has positioned the company to substantially exceed its 2007-08 profit of $1 million. XRF's earnings per share for 2008-09 should be at least 1.3¢, representing a price-earnings ratio of less than 10. Given that the company has achieved profit growth of more than 150 per cent in the last two reporting periods, this multiple should be considered conservative. The granting in May of two 20-year patents relating to XRF's X-Ray Flux technology lays the foundation for robust earnings growth in the coming years.