City File: No worries

DO NOT be too disturbed if T Cowie includes substantial write-offs on its stock of used cars when it reports next week. And consequently, do not expect any repetition of the 56 per cent bounce reported at half- way.

Nevertheless, according to Sandy Morris of NatWest Securities, pre-tax profits for the year could be up by a quarter at pounds 23m. The market certainly is not worried, with the shares near their all-time high at 194p.

This is not surprising given that Cowie is the classic beneficiary of reduced interest rates (every percentage point is worth pounds 1m) and steady recovery in the company car market.