Updates

NSB - Focus firmly on the US

April 2002

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

NSB has announced its results for the year to 31 December, with a pretax profit of Â£12.5m (eps 2.5p) on sales of Â£102.2m in line with themarket consensus. At the same time, NSB is adopting a new accounting policy based on the principles of US GAAP (Generally Accepted Accounting Principles). This results in licence revenue being spread over the software implementation life cycle. Whilst it has the effect of deferring revenues, it eliminates the reliance on the signingof large contracts at period ends. Under this policy, last year's pretax profit was restated as Â£4.2m on revenues of Â£93.8m. Adjusted earnings were 0.85p on an 18% tax charge. The resultsincluded a full 12 month contribution from Montreal-based STS whichwa ...

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With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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