Secondary Recommendation

Comino - Constellation builds 5.9% stake

April 2002

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.

Comino designs, sells and installs customer facing workflow and electronic document management software for clients in social housing, local government and to a lesser extent occupational pensions. Following its flotation in late 1997 the group was a shining star in the last bull market. Its shares rose 684% from 120p to 821p as investors responded to a performance that saw earnings increase from 12.3p to 18.7p between 1998 and 2001. Investorshad perceived that demand from Comino's public sector clients wouldalways be underwritten by central government funding. However,things didn't quite go according to plan. While social housingbusiness (c. 50% of 2001 operating profit) has held up well, ...

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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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