Shares magazine: Epic stronger than expected

(Extract)

Latest results from the e-learning specialist showed ... margins stronger than expected. Arbuthnot revised its 2004 pre-tax forecasts up 16% to £1.4 million. Epic has recently signed new contracts to supply its learning material to the Ministry of Defence and new healthcare clients. Based on this 'positive momentum' and the attractive valuation Arbuthnot has upgraded the share to Buy from Hold.