Profiting in America

When a small cap company makes its first profits, investors applaud for 30 seconds and then want to know whether the profits are sustainable and have potential to grow. Last week, Protherics plc recorded its first full-year profit of £1.3 million ($2.3 million) and an EPS of 0.61p on revenues of £21 million ($37.5 million). Now the company has to prove it has a sustainable growth path.

Protherics (LSE:PTI, London, U.K.) posted 2003 sales of £19.2 million ($34.3 million) for its two

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