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NSB - Eps forecast of 1.4p for 2004

April 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.

NSB experienced a further downturn during 2002, leading to an exceptional charge of £185.3m in results for the year to 31 December against profit for impairment of goodwill  against two acquisitions in 2000. Stripping out this and other exceptionals, pretaxloss was £1.4m. Helped by operating cash inflow of £3.2m, net debt reduced from £17.2m to £15.8m. It was mainly a £10m shortfallin hardware and a £9.1m shortfall in UK licences that caused sales tofall to £73.4m  from  £93.8m. In terms of mix, sales split:£19.8m licences, £47.5m support  and £6m hardware.   Inline with last year's change, results were reported under US GAAP which involves booking revenue on software implementatio ...

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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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