Updates

Erinaceous - Scope for margin improvement

August 2004

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.

At its AGM, Erinaceous reported that Q1 had started well. The Occupancy business acquired from Interior in April is currently being integrated into Haywards, the existing property services brand. Occupancy has traded profitably during the first two months it has been part of the group. Its margin is reckoned to be just 1% at the moment whereas Erinaceous's property services division makes operating margins of over 12%, so clearly scope for improvement. Part of this will come from consolidating office premises at a new location in London. A prospective PE of 10.5 for next year for a business growing earnings at a 20%-plus annual clip remains cheap. Keep on buy list. ...

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Creston - Trading ahead of expectations

Wilmington

Erinaceous (April 2006)

Erinaceous (December 2005)

Erinaceous (November 2005)

Erinaceous - Enjoys good trading (April 2005)

Erinaceous (January 2005)

Erinaceous - Shares move to new high (December 2004)

Erinaceous - Scope for large upgrades (October 2004)

Erinaceous Beats forecasts (July 2004)

Erinaceous - First acquisition since AIM debut (June 2004)

Erinaceous - AIM debut with little fanfare (March 2004)

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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