Updates

Highbury House

July 2004

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.

Highbury announced an encouraging improvement in trading at its AGM,with revenues up 38% (and excluding acquisitions up 2%), with advertising and circulation income rising 4.3% and 0.4% respectively. Profit before goodwill amortisation and interest is also significantly ahead, while cash generation has been strong. Ona divisional basis, Highbury noted that the business side is finallyimproving after years in the doldrums, while the performance ofthe entertainment portfolio has exceeded expectations. Giventhis backdrop, the performance of the shares has been disappointingand probably reflects investor irritation at Chairman, Ian Fletcher'sdecision to sell 1 million shares at 19p (retaining 17.7m), ...

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Comino

Monstermob - Competition bites

Highbury House - Cut losses (September 2004)

Highbury House - Sharp rise in gearing (May 2004)

Highbury House - Allays trading fears (March 2004)

Highbury House - Disposal still awaited (October 2003)

Highbury House - Increasing consumer publishing exposure driving re-rating (September 2003)

Highbury House - Cheap magazine publisher (May 2003)

Highbury House - Consumer publishing doing well (April 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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