Primary Recommendation

Comino - Buoyant order books for workflow software group

September 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.

Shares in Comino, which designs and sells customer facing workflow and back office database applications for Local Government and Social Housing Associations, have really started motoring since we tipped themat 137p in April 2002. Comino was a terrific performerin the late 1990s as investors noted how its products could enjoylong-term growth because its clients were under pressure to updateantiquated IT systems to make administrative efficiencies and improvelevels of customer service. Although unexpected delays innew orders saw Comino crash to a loss in 2002, demand for its productshad, in truth, never faltered and results for the year ended May 2003showed a strong improvement. Broker, Williams de Broe, ...

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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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