Updates

Majestic Wine

February 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.

As expected, Majestic Wine has reported a very positive trading update with like-for-like sales up 7.4% for the eight weeks of Christmas trading to 31 December 2003, despite tough comparatives of 10.3% last year. The growth is clearly being driven by a rising number of new customers on its database (which lifted by 10.1% on this time last year to 320,000) and by more space, with 109 stores open at the end of December. Altium has raised its forecast from £10.3m to £10.6m, for eps of 45.3p for this year to 31 March. Forecast for next year is £11.8m and 50.3p.This looks fully valued short term. First tipped at 410p in January 2002, now is the time to lock in at least part of your profits. Gain:103%. ...

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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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