T/o up 437% but 1,004% (organic) profit growth, last 5 years.



Money raised @ 10p
Further funds @ 15p
Further funds @ 24p
Further funds @ 26p
Further funds @ 36p

Portfolio up 6,100% in 5 years. 85% (organic) compound growth last 4 years......forward p/e 8




BRITANNIA FINANCE (Est.1998)

Latest News
Wednesday 10th Dec 2003 Interim Results:
http://www.ofex.com/cgi-bin/news.cgi?action=CoStory&ISIN=GB0031884421&NewsID=18800
Thursday 27th May 2004 ~ Two institutions invest in excess of 425,000 @ 36p
Monday 12th July 2004 ~ Britannia market makers increase from one to four
Wednesday 14th July 2004 ~ Full year results
http://www.ofex.com/cgi-bin/news.cgi?action=CoStory&ISIN=GB0031884421&NewsID=19826

MD says "The company's prospects are excellent & we expect another record year of growth".


The record so far:

Turnover*
2000 687,000
2001 1,248,304
2002 1,664,531
2003 2,466,679
2004 3,692,683
2005 5,000,000 Est.
2006 6,750,000 Est.

*~Interest & brokerage fees received.

Pre-tax profit*2
2000 67,631
2001 107,502
2002 179,063
2003 308,979
2004 746,792
2005 1,250,000-1,500,000 Est.
2006 2,025,000-2,350,000 Est.

*2~note conservative a/c methods are used which depress profits...compared with peers

Portfolio*3
2000 182,000
2001 709,000
2002 2,200,000
2003 5,300,000
2004 11,100,000 (12.8m @ 30/6/04)
2005 18,500,000 Est.
2006 26,750,000 Est.

*3~Once this reaches circa 12m as costs are largely fixed, turnover will to a large degree filter through directly to the bottom line...ie profits.

Earnings per share*4
2000 0.3p
2001 0.5p
2002 0.8p
2003 1.5p
2004 2.8p
2005 4.3p-5.2p Est.
2006 6.5p-8.0p Est.

*4~note conservative a/c methods are used which depress eps...compared with peers

& your point?

Nasty profit warning today. Directors not brave enough to put figure on likely shortfall.

Avoid.