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NSB

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.

Helped by a pickup in buying activity towards the end of the year,  NSB returned to the black in the year to 31 December with a profit before tax of £1.9m on sales down 12% £64.3m.  Significantly, profit would have been £2.5m higher were it not for adverse currency movements. Adjusted basic earnings were 0.65p. Over the past 18 months, NSB has seen a transformation in its balance sheet and its cost base, with investors fears for its survival addressed through strong internal cash generation and the sale of its UK division to BT for £17m.  At the period end, net debt (treating outstanding loan notes as debt) had fallen from £15.8m to £8.6m but following receipt of the BT money NSB ...

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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.

All material on this website is protected by copyright. You may use Information retrieved from the www.scsw.co.uk website for your own personal non-commercial use which means that you may not sell or copy this information to any third party without prior written consent. ISSN 1358-183X

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