Primary Recommendation

Highbury House - Cheap magazine publisher

May 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.

Following the release of encouraging final results, shares in consumer and trade publisher, Highbury House, look set to continue their recent recovery. Amazingly, Highbury has now posted eight consecutive years of rising profit, in spite of the well documented slump in the media sector. Its success is largely down to long serving chief executive, Ian Fletcher, who has diversified the revenue base away from a reliance on advertising revenues and increased its exposureto the prospering consumer sector, through a series of astute acquisitions. The shares still trade on a derisory prospectivePE of 7, falling to 6.2 in 2004. One director, who hasjust bought 100,000 at 15p obviously agrees. ...

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Sectors on the move - May

Photo-Me International - Exploding demand for minilabs

Highbury House - Cut losses (September 2004)

Highbury House (July 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 - 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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