Small-cap technology group PBT is demonstrating the value of focus. Since the company’s sale of noncore assets in 2017 and its pulling back from Africa and the Middle East in 2019, a butterfly has emerged from the cocoon. This butterfly’s share price is up 44% in the year to date (288c at time of writing) and 92% in the past 12 months.

It peaked at 360c in mid-July on market exuberance over the latest results. PBT has certainly been noticed...

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