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Microgen

March 2005

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.

  • Epic Code:
  • MCGN
  • Price:
  • 71p
Microgen’s profile has changed dramatically in the past two years, following three acquisitions which it has integrated. The company has demonstrated good cost control in the face of weakening demand: consolidating businesses, moving to lower cost development environments (Poland and South Africa) and reducing head count. The results for 2004 showed the first full year benefit of buying MMT and Imago at the end of 2003. Revenues lifted 61% to £42.4m. Profit before tax and exceptionals rose 119% to £5.5m and earnings by 45% to 4.2p on a low 22% tax charge. Operating margin increased to 12.6% from 9.3%. Microgen remains well capitalised with £14.6m cash, equivalent to 14.3p a share.   AFA Sys ...

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Microgen (August 2005)
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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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