Where possible, use graphs, smaller headings, and photos to quickly capture the attention of the reader. Break down information contained in paragraphs into graphs, it will convey the material in an easy to read fashion and you won't lose the attention of the analyst. The narrative section is where management discusses its business philosophy and plans for future growth. Talk about individual divisions and their market share. Describe changes in sales.
Analysts look to the future.
Let them know what the company is planning. This section should run about 10 - 15 pages in length. One of the mistakes smaller companies, especially companies which have recently undergone an initial public offering, make is to omit this section. Restate the company's products and services and markets served. Describe the customers.