Laurence Hulse

But again, when we invested in that, it was on 0.7 sales.

It grew profits of 50%.

Last year, we think it'll grow them by even more this year.

And Netflix, Spotify, Fox have been acquiring podcast businesses on multiples of sales.

So it was really a US business, but listed in London, so therefore traded at a material discount to where its peers trade.

So just another gem amongst the rubble.

Oh, now you've got me.

I don't think MinCon's quite on the top 10 from memory.

It might be number 11.

And it's very recent.

So this, again, is in the camp of... And what's particularly interesting about this one, usually when we think we've found a gem amongst the rubble, people have heard about it but missed something.

This stock I mentioned to people and they look at me like I've got two heads.

Tell me more about this MinCon thing.

It's a hundred million pound capitalized business, dual listed in London and the year next.

And it has some of the best copper and deep bore construction drilling drill bits in the world.

In fact, they're so good that this year they've announced that Epiroc, which is a larger pier, 10 times the size of MINCOM, is having to use MINCOM's green hammer technology to do its deeper drilling, having tried to crack the technology itself.

for 10 years.

They're now on trial with 12 Epiroc customers.

We obviously hope and believe that will go well, hence making the investment.

But when we first identified the shares and put it in what we call the nursery, which is the investments that aren't in the top 10 that we disclose, we bought them about 35 pence per share.