EPIC GROUP (EPI).

Investors Chronicle, November, 2004

Epic claims to be a "production powerhouse", creating more bespoke e-learning content than anybody else in the UK. But its shares have not been too impressed by this claim, as they are trading at around the same price as they were eight years ago. The 2003-04 results were hit by delayed orders from public-sector customers, who now account for between 50 and 60 per cent of turnover. But its "strong" order book is supported by increased demand from private-sector clients. Broker Altium forecasts 2004-05 sales GBP2m higher, and profits of over GBP2m.

Epic's shares are good value - strong orders mean they could soon top 100p.