Updates

Fayrewood

December 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.

Fayrewood's 51% owned subsidiary, Computerlinks, which markets and distributes complex IT products for e-security and e-business applications, has announced results for the nine months ended 30 September. In tough markets it increased turnover by 2.7% to Eu121.4m, while pretax profit jumped from Eu2.1m to Eu6.7m and earnings from 0.01to 0.7. The jewel in Computerlinks' crown is its eSecurity business (76% sales) which grew 9.4% in the latest quarter, more than offsettinge-business' 2.3% decline. As its net cash balance has increased from Eu10.8m to Eu12.8m Computerlinks felt secure enough to declare a Eu0.34dividend, the first since 2001, which is worth Eu1m to Fayrewood. Sincewe recommended Fayrewood in September Computerlinks' ...

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Incepta - Encouraging outlook

Comino - Encouraging outlook

Fayrewood - Time to take profits (April 2005)

Fayrewood - Shares hit new highs (February 2005)

Fayrewood - Computerlinks sales up 17% (December 2004)

Fayrewood - Another eranings upgrade pushes prospective PE down to 7.6 (September 2004)

Fayrewood - Results will beat forecasts (again) (August 2004)

Fayrewood - Arbuthnot finally upgrades forecasts (July 2004)

Fayrewood - Still outperforming the sector (June 2004)

Fayrewood - Niche distribution overtakes ComputerLinks (April 2004)

Fayrewood - IT distributor beats forecasts again (February 2004)

Fayrewood - IT distributor eyes recovery (September 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.

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