Updates

Highbury House - Prospective PE of just 5.7

April 2003

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.

Highbury led the release of its results for the year to 31 December,with the very welcome news that it was bolstering its position in consumer magazines with the acquisition of Cabal Communications. Forthe period, profit before exceptionals and goodwill was up 9% to Â£9.8m, with a strong performance in consumer titles offsetting a decline in the business-to-business side. Earnings fell from 2.5p to 2.3p, reflecting a tax charge of 32%, up from 20%. Earnings would have been up 5% on a constant tax rate. Margins rose by 1% to 12%. Cash inflow from operations was strong, leaving net debt of Â£23m, down from Â£25.6m, with interest cover a very healthy 8.1x. Highbury'sbusiness has a number of features which ...

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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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