A much improved result by the long underperforming PMP has prompted Bell Potter to increase the company’s 12-month price target from 60¢ to 68¢ – representing a premium of about 50 per cent to its recent trading range.

While reported net profit of $800,000 isn’t substantial in itself, given that it is a significant turnaround from the previous corresponding period when the company recorded a loss of $24.3 million, it was well received.