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Fulcrum Pharma

January 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.

Despite a trading statement in September which warned that results this year would be impacted by a failure to conclude a preferred supplier agreement (PSA), actual results for the year to 31 August werenot that bad.  Profit before tax and  exceptionals was £917,000 up from £546,000. Adjusted eps was 0.62p, a rise of 48%. The cash position, helped by the £3.25m fundraising last May, was £5.1m. Turnoverdidn't look too great with a fall from £6.0m to £5.7m. But this isexplained by the fact that Fulcrum is still an early stage business.Whilst it is becoming better diversified, the prior year was relianton a single customer for a phase III/IV contract with large passthrough costs. This year has a large number of ea ...

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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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