Updates

Begbies Traynor - Fewer but larger acquisitions planned

August 2006

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.

Begbies has reported excellent results for the year to 30 April, a period which was marked by half a dozen acquisitions (with two more following since the year end) moving the business into corporate finance, personal insolvency and forensic/investigative work. At £33.2m, turnover for the year was up by 30%; excluding the six acquisitions, turnover is probably up by 2% with the minimal organic growth due to Begbies focusing on integration of the acquisitions. Operating profit was £7.7m, with margins up from 18% to 22% due to a changing business mix and growth of the business diluted central overheads. Eps lifted by 31% to 6.7p. Begbies is two years into the three-year plan at the time of its AIM flotation which was to ...

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Metal Bulletin / Wilmington - Moves from being suitor to target

SMC

Begbies Traynor - Moves into personal insolvency (IVA) market (February 2006)

Begbies Traynor - Gain since January: 98% (September 2005)

Begbies Traynor (June 2005)

Begbies Traynor - Earnings enhancing acquisition (March 2005)

Begbies Traynor - Insolvency practitioner seeing strong like-for-like growth (January 2005)

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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