Primary Recommendation

Majestic Wine

August 2005

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.

Majestic Wine, the UKï¿½s largest independent wine warehouse chain, is among that rare breed of retailer which is capable of producing outstanding growth in both favourable and tough trading conditions. A glance at the chart (see right) shows the sheer scale of the mouth watering returns which patient investors have enjoyed since it floated on AIM in 1996. During that period, turnover has more than tripled, with pretax profit increasing over 550% to ï¿½13.2m.As always in this situation, the question on everyoneï¿½s lips is how long can this be sustained? We believe the answer is well into the next decade as most analysts are of the opinion that there is room for between 200 and 250 warehouses, which compares very favourably to the ...

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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.

All material on this website is protected by copyright. You may use Information retrieved from the www.scsw.co.uk website for your own personal non-commercial use which means that you may not sell or copy this information to any third party without prior written consent. ISSN 1358-183X

Majestic Wine

August 2005

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