Fundamental-e's computer component distribution business continues to be profit-making, despite the downturn, with the company increasing pre-tax profits 13% to £1.2m in the year to September. EPS increased 11% to 0.52p while turnover fell from £27.9m to £20.8m. However, the company retains just one investment on its 'internet incubator' side, in languishing fellow Aim company WAP Integrators, and has referred to 'a lack of suitable investment opportunities'. Net assets totalled £1.7m at the end of the year. Corporate activity of one sort or another looks an inevitability at some stage, and on a historic p/e of under 7, the shares do not look expensive, although only 15% trade on the open market.