Bottom Line: Reliable Bowthorpe

A COMPANY that boasts that its strategy has not changed for more than a decade is unlikely to spring any unwelcome surprises in its annual results, and so it is with Bowthorpe, with profits of pounds 51m just ahead of its rights issue forecast.

The management has a good record of making successive small acquisitions, pooling know-how and marketing across the group.

The current year should bring it a good profits harvest, although a higher tax charge and the impact of the rights issue will keep earnings per share at about the same level as in 1993. Since Bowthorpe is also on a prospective p/e of about 20 their shares are not likely to outperform by much.