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Metal Bulletin - Metals titles' sharp recovery

September 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.

Interim results for the six months to 30 June proved quite satisfactory. Pretax profit increased by 23% to £2.7m excluding goodwill amortisation. Earnings advanced by 21% to 3.4p. Sales rose by just 6% to £20.4m despite the weak dollar (up 10% on a constant currency basis) and reflected the prior year's investment in subscription marketing and the flagship Metal Bulletin title going electronic. The comparative period last year had also been depressed by the deferral of certain events. Overall, gross margin lifted 2.2% to 83.7%.In divisional terms, Metals lifted sales by 11% to £8.6m (16% constant currency). The two main products, American Metals Market and Metal Bulletin, both experienced a recovery ...

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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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