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Incepta - One false dawn too many

June 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.

Although Incepta's final results brought good news in the shape of further cost saving initiatives, a reduction in its earn-out liabilities and a fall in net debt, investors chose to focus on Incepta's refusal to call the upturn in its markets. The result was that the shares gave back their pre-results gains. For the 12 months to 29 February pretax profit before restructuring charges of Â£5.3m and asset write-downs of Â£3.1m fell from Â£16.9m to Â£11.6m on a 4% reduction in gross income to Â£154m. Incepta'slargest division, marketing services, which provides below-the-line services, such as direct marketing, sponsorship and market research, saw gross income similar to last year at Â£56.2m, but ...

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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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Incepta - One false dawn too many

June 2004

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