Updates

Spice Holdings - Forecast lifted following acquisition

August 2005

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.

Spice has reported record profit for the year to 30 April. Turnover lifted by just 6% to ?85.5m as Spice continues to move up the value chain and walk away from lower margin work. Profit before tax was ?5.2m, up by 117%, with the lion's share of growth coming from the water services division. Adjusted eps was up 87% to 11.6p. As expected, the water services division, which provides clean and dirty water services, became the biggest profit contributor following the inclusion of Atlantic Water, acquired last November. Sales were up by a third to ?26.6m and the operating profit before central costs up 133% to ?2.94m. Most of the growth in profits is from H2O which provides a meter installation and leak detection service for wat ...

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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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