Primary Recommendation

Johnston Press

December 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.

Shares in Johnston Press, the UKâ€™s fourth largest owner of regionalnewspapers, have been in one of the longest uptrends that weâ€™ve everwitnessed â€“ eleven years to be precise. The better than expectedtrading news unveiled in recent interim results has been the catalystfor their latest surge. Not that Johnston can be accused ofmissing analysts forecasts during a phenomenal run that has seenits market value rise from just Â£22m at its flotation in 1988 tothe current Â£1.05bn. Much of its success is down to its prolific record of acquisitions that turn out to be strongly earningsenhancing, in part helped by its attention to eliminating duplicatedcosts. Now armed with highly valued paper we ...

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Project Telecom

Johnston Press - Operating margins jump to 35.2% (October 2004)

Johnston Press - 530p price target (February 2004)

Johnston Press (October 2003)

Johnston Press - Trading ahead of expectations (July 2003)

Johnston Press - Profit "to be at top end of forecasts" (February 2003)

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