Updates

International Greetings - Becoming cash cow

August 2003

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.

With shares in International Greetings having rallied from 185p to 246p on the eve of its full year results it was a case of "better to travel than to arrive", with those results unable to stimulate a further breakout. Nevertheless, they did confirm that the improving trend remains intact, following the production glitch that affected the 2002 results. Pretax profit rose 22% to Â£11.1m, while earnings increased 21% to 18.8p, a whisker ahead of expectations. Gross margins increased from 29.5% to 31.2% reflecting the discontinuation of some low margin export business and the extra efficiency derived from capital investment in new equipment and extra storage capacity. The group's portfol ...

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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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