Atlantic Global demonstrated another year of organic growth in 2002, but profits were pegged back and forecasts missed thanks to rising software development and marketing costs and 'one or two larger deals that slipped into this year', according to managing director Eugene Blaine. Figures for the year to December 2002 (compared with proforma numbers for the year to December 2001) were creditable nonetheless - sales growth was very impressive at the business and resource management software concern, boosted 29% to £1.55m. But operating profits before goodwill and exceptionals waned from £495,000 to £390,000 and pre-tax profits eased off from £314,000 to £235,000. New clients won in 2002 included Cattles Group, Virgin Mobile Telecom and the University of Huddersfield, all added to an impressive roster including AstraZeneca, GlaxoSmithKline and Barclays, and Blaine claims to have 'signed a deal with a large insurance company' that should buoy the group's fortunes. Looking ahead, chairman Michael Langmore insists 'current sales interest is at a higher level than at this time last year', and the growth potential of the group 'remains substantial'. Adjusted earnings were 1.6p (2.99p), for a historic p/e of 16.6. A market mark down from a 44p 52-week high seems overcooked for a profitable software stock with bags of potential. Buy.