Bought these the other day on results day and was certainly taken aback by their fantastic growth over the period focussing in on Asia. Ive copied a report from Killik Brokers who sum up the potential far better than I ever could.

Take note of the last Paragraph.

CROSBY CAPITAL Final Results

We highlighted Crosby Capital last year as an interesting opportunity. Its rather complex business structure makes it difficult to analyse and its introduction to the AIM market through a reverse takeover of a cash shell meant that investors have gradually got to know the story over the past twelve months. Nevertheless, it is fair to say that from a placing price of 15p, the rise to 29p suggests the action is underway.

The group is headed by two well known investment bankers including Simon Fry who was former head of Nomura in structured finance alongside Guy Hands. The company was established to house their interests in handling transactions in the Asian region and late last year, the first fruits were delivered with the injection of its oil and gas agreement with Medco which provided them with a carried interest over disposal proceeds above a $120 million benchmark (the expectation is for a sum significantly higher which will provide Lodore Resources with a useful cash injection). Crosby, having placed down 70 million Lodore shares for 10 million gross (5 million net to Crosby), retains 214 million shares worth around 32 million or around 15p per share.

Partially reflecting this disposal, Crosby has reflected part of the profit as it announces for the year to December 31, 2004, it generated a profit of $34 million on $55 million of revenue. The company states that the actual profit to be recognized on the Lodore transaction will be $82 million or 42 million. The total value of Crosby at 29p (new high up 3p) is 60 million. Simon Fry alludes to a healthy pipeline of new merchant banking opportunities coming through and hopes to conclude some this year.

For investors, it appears one is paying a modest premium over current assets for potential significant further upside. ENDS.

DYOR

Speculative punt, that could be a winner.

cheers GF.







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Took another drop today , im going to add at this price too cheap..

just called up Durlacher to chat with David Pannell (the guy that wrote the note) and it turns out he has left last week so they currently have nobody covering specialist finance stocks. this may be bearish simply because he was i think the only analyst pushing the stock.

just have to wait then for the results to make the market wake up! I'm happy to hold and hope to pick up a few more at these prices-funds permitting. there are so many tasty shares at the moment we are spoilt for choice!!

moneyplus...the mood in the market is not as optimistic as you.

hedgies are being hurt, mkts are soft and how short a memory we have from the 99% club. some of these resource names will become fully fledged members over the next few years. this healhy consolidation is good for bulls and bears but doesn't mean there are cheap shares about, only less expensive but not necessarily close to fair value.

I have to stay hopeful just to be able to look at all the red in my portfolio!
I well remember the 99% club-I'm still trying to make good what I lost. BALT, THUS and Knowledge Management just for starters. when I do turn pessimistic the markets go the other way--I sold SBT for a massive loss at 25p when EK shorted them and said they were close to going bust, look what happened there!
I know what you mean though and I'm trying to be careful.

Nice bounce back here today though..JB..

even though i profess caution i do own lodore for reasons i have stated in previous posts!

What do you guys think of these results!! Got a few quid in this. Will this set it going north????

no detaile on the results yet...or at least none that i have seen...

Crosby Capital Partners Inc
13 May 2005




CROSBY CAPITAL PARTNERS INC.
QUARTERLY SUMMARY - THREE MONTHS TO 31 MARCH 2005



13 May 2005



Crosby Capital Partners Inc. (the 'Company' and, together with its subsidiaries,
the 'Group' or 'Crosby') announces its unaudited trading figures for the three
months ended 31 March 2005.


HIGHLIGHTS



Total Revenue of US$8.1 million (Q1 2004:US$0.7 million).

Pre-tax profit of US$4.7 million (Q1 2004:US$1.4 million loss).

Profit attributable to shareholders of US$4.9 million (Q1 2004:US$1.4
million loss).



About Crosby Capital Partners


Crosby, with dual headquarters in London and Hong Kong, was established in 1984
and is now Asia's leading independent investment banking and asset management
firm. Crosby has a substantial and diversified client base in Asia, the Middle
East and Europe.



Crosby's merchant and investment banking arm has been providing clients with
financial advice for over two decades. Crosby has the professional expertise to
execute complex financial transactions comparable to a top tier global
investment bank whilst still retaining the responsiveness, independence and
focus of a smaller firm. In recent years, Crosby's merchant banking arm
leverages the experience, expertise, and the extensive network of our senior
investment banking team by partnering with our clients to create unique
solutions to reform their capital structures or create and unlock value for
shareholders.



Crosby's asset management arm has been managing innovative investment funds,
across a wide range of asset classes, in both the public and the private arenas
since 1986. Crosby's newly formed wealth management arm acts as an independent
investment advisor to high net worth clients. The wealth management arm operates
in partnership with a major Swiss bank which provides support services and safe
custody for client assets.



www.crosby.com



For further information on Crosby please contact:


Simon Fry, Chief Executive Officer in London on +44 (0)207 590 2800
Martin Angus, Chief Finance Officer in Hong Kong on +852 2169 2800



Trading Summary


Unaudited three Unaudited
months ended three months ended
31 31
March March
2005 2004
US$'000 US$'000

Turnover 1,498 499
Other revenue 6,629 211

Total revenue 8,127 710

Administrative expenses (3,204) (1,780)
Distribution expenses (18) -
Other operating expenses (464) (323)
Finance costs -

Profit/(loss) from operations 4,441 (1,393)

Amortization of goodwill - (41)
Share of profits/(losses) of associates 218 (3)

Profit/(loss) before and after taxation 4,659 (1,437)

Minority interests 220 -

Profit/(loss) attributable to shareholders 4,879 (1,437)

Earnings/(loss) per share

- Basic 2.07 cents (0.72 cents)

This news does not indicate as to whether the profits made in the quater are a result of the sales of the oil and gas assets last year. If they are just the profits of the underlying business, then they are good.

I'm happy with them--time to accumulate at this price I think. Doesn't appear to be oil and gas assets it seems to be the merchant banking and advisory side which is performing well. anything Hong Kong based would appear to have good growth prospects. fingers crossed for quarter 2.

I bought in at a higher price than this,,but did add a few the other day when they were down, i think this has good potential,unfortunately because of the state of the market we may have to wait.

I agree-I think we'll just have to get used to a flat market all over until the autumn--sell in May etc. except this year it should've been sell in April!

Just e-mailed crosby to ask exactly the point raised by tallsiii. Will report on reply when I receive it.
Alan

Crosby leaps out of the red
Date: 13 May 2005

LONDON (ShareCast) - Investment banking and asset management group Crosby Capital Partners swung into profit during the first quarter sending its shares higher today.

Profit before tax in the three months to 31 March came in at $4.7m against a loss of $1.4m in the same quarter last year, while total revenue soared to $8.1m from $0.7m last time.

Crosby, which has dual headquarters in London and Hong Kong, has a large and diversified client base in Asia, the Middle East and Europe.
These have got to be cheap at this price ,anybody know the pe for this year and next it must be low?

Around 3 now and forward P/E 4.

cheers GF.

Are you still in this GF, or are you washing your hands with the whole market.JB.

Thanks for that GF. I think i may have to add another tranch to my portfolio.

Reply to my query about Q1 update
The results were posted purely as an update to the market place rather than being driven by any specific event and we therefore felt that a commentary was not appropriate at this stage.

By way of explanation, the earnings are a combination of merchant banking deals that were substantially completed last year but were finally closed during the first quarter of 2005. Our position in Lodore Resources was re-valued , albeit only marginally, to reflect the fact that Lodore was not a quoted company at last years year end. Although the assets are the same they were held prior to January 2005 in a private vehicle, Sunov Petroleum. (Please be assured that we have maintained our policy for a very conservative valuation of our holding in Lodore due mainly to the size of our holding and the lock-up period that is required by AIM)

Other revenue contributions were from our Chinese corporate finance joint venture, our wealth management activities and other more routine activities.

As mentioned in our annual report, the number of deals that are currently still being developed remain substantial and we remain confident that we will be able to close some of these transactions within the current financial year.

I hope this goes some way to helping understand better our progress and would be delighted to answer any questions you may have, subject of course to not compromising your position as our shareholder.

With kind regards,


Simon Fry,
Chief Executive Officer
Crosby Capital Partners

Hewittalan6: Thanks for posting the info from CSB. Everything I hear about this Co. is positive and I expect to be topping up soon.
sd.