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James Fisher

April 2010

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

  • Epic Code:
  • FSJ
  • Price:
  • 413p
Our update note following the interims had suggested that chief executive, Tim Harris had been unusually guarded on H2 recovery prospects for the group’s Tankships business. So it has proved, with recovery for the division (which ships clean petroleum products around the coasts of Europe), still elusive.For 2009, Tankships went from a £5.4m profit to a horrible loss of £1.6m – a £7m turnaround - largely due to precipitous drops in volumes and rates due to economic weakness. Fisher has responded by laying up three ships and allowing one bareboat charter to expire. Given the £7m shortfall, some credit goes to Harris for still managing to report a 5% improvement in group pretax profit and eps - to £24.7m and 37.2p, respectiv ...

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With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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