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Macro4 - Smashing expectations

May 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.

  • Epic Code:
  • MAO
  • Price:
  • 178p
The shares rocketed 26p to 172p after Macro4 announced that results for the year to 30 June will "significantly exceed expectations." The reason for this is a continuing focus on cost reduction as well as the receipt of a £1m royalty payment from its OEM agreement with IBM for its legacy products. Profit before tax will now be between £3.6m to £3.9m, equating to eps of 11.5p to 12.9p. This compares to the forecast before the announcement of £2.4m pretax for eps of 7.7p. With IBM making a stronger push for sales, the "exceptional" IBM income may well be repeatable.  A staggering 67% profit upgrade at the top end, leaves the shares trading on a PE of 1 ...

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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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