But with the overhaul out of the way and debt paid down, 2004 could prove profitable, not just for S&N, but for punters too.Marks & SpencerTake a deep breath and take a punt on M&S; it's likely to be one hell of a ride. Buying retailer's shares was once as safe as choosing a Marks & Sparks shirt. But fashions have changed and M&S still hasn't fully recovered from the years of neglect that saw the retailer sink in the eyes of consumers and the City.However, at 289.25p, M&S looks undervalued. Its shares have been going though a bit of a rough patch and, having reached just shy of 340p in July, it has been hammered by a talk of a faltering recovery and poor clothing sales over Christmas.

The first sees S&N grow both organically and via acquisitions; the proceeds from the pubs sale have already reduced its debt, leaving S&N on a far stronger financial footing.But the slimline S&N could also prove an attractive target itself. And investors' biggest worry about Norris - that he'll quit if he becomes mayor - must surely be misplaced.If Norris succeeds, then in 2004 Jarvis could be judged on its financial performance. The company recently posted a 77 per cent increase in pre-tax profits to £33.7m in the first half of the year, and at 206p it looks cheap.Scottish & NewcastleIn time, 2003 could prove a defining year for Scottish & Newcastle. The owner of Foster's, Kronenbourg and Newcastle Brown Ale found a new chief executive, announced a change to the year end and consequential dividend reduction, bought some businesses and flogged its retail arm for £2.51bn.There are two schools of thought as to what happens next. Paris Moayedi, the former chairman whom many blamed for Jarvis's troubles, has now left, replaced by Steven Norris, the Conservative London mayoral candidate. Hardly a shy and retiring type himself, he nonetheless has a decent business brain and could well steer Jarvis into calmer waters. The City has taken note, and Jarvis has seen its shares fall 46 per cent from their July high But traders have overreacted to the flow of bad news.

Get in at 520.5p while it's cheap.JarvisThe support services company has come in for a lot of flak of late - some of it from this newspaper. In particular, Jarvis has been attacked for the way it has handled the Potters Bar derailment and problems with some of its schools PFI projects. Its brands stretch from the likes of Hellmann's mayonnaise and Dove face cream to the delights of Ben & Jerry's ice cream and Knorr stock cubs. Yet this year it has been hit hard by concern about SlimFast, the diet foods business, which has suffered because of competition from the Atkins diet.However, SlimFast is fighting back and even if its recovery takes some time, it is one of some very strong brands from a group that is continuing to grow revenues by 6 per cent per annum Unilever will return to favour. Yet the City appears to be willing to shun a £15bn company because of a little difficulty with a company it bought for a sixth of that. Unilever You wouldn't reject a car because the radio wasn't working. Contact: 01225 408000 or .

You wouldn't reject a car because the radio wasn't working. Although the endowment carries life insurance, it will cover only the interest-only part of the mortgage. The repayment part also needs to be covered.Advice given by Peter Gettins at mortgage broker London & Country. Cumberland building society has a 4.99 per cent five-year fix, but there is a fee of £545 and it would save them only £10 to £15 a month.Finally, the couple urgently need to look at their income protection. Derbyshire is offering 4.85 per cent fixed for two years with no set-up fees; again, significantly higher than the A&L discount.Andrew and Sandra's current mortgage is still at an attractive rate for a five-year fix; similar deals won't reduce their payments by very much.