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Macro4 - 68% of cost base already covered

October 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:
  • 189p
The shares surged following results for the year to 30 June. Turnover was £31.2m, down on the previous year's £32.4m, but pretax profit lifted to £3.8m from £1.8m due to a sharp reduction in operational costs. Adjusted eps was 14.3p from a loss per share of 2.3p. The balance sheet strengthened, with £2.3m of net cash versus debts of £3.4m last year. The sales picture for the legacy Systems Management Products  (SMP) business was the same as it's been for a while. A  further £1m decline in rental income from old out-of-date products (based on IBM's VM/VSE technology) caused a 5% decline in sales to £19m. There were some signs of early stage recovery assisted by the worldwide ...

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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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