Updates and Ideas

Flying Brands - Collins Stewart upgrade forecasts

April 2004

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.

The results for 2003 show that Flying Brands (191p) has a spectacular jewel in the crown in the form of its Gardening Direct mail order brand, whose performance now exceeds that for its group’s flowers-by-post brand, Flying Flowers. Boosted by some recent operating changes, the group is enjoying its second burst of strong growth, the first came between 1993 and 1997 when profit grew at a 35% annual clip but was followed by near stagnation. Some idea of how well things are going again is given by the cash position which rose from £100,000 to over £3.92m (despite capex of £0.65m) during 2003 and is predicted to rise by at least £3m this year. The Flying Flowers brand was founded in ...

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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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