Updates

Spice - RAS takes greater market share

August 2008

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 announced record results for the year to 30 April. Including the effect from eleven acquisitions, the biggest of which was Revenue Assurance Services, turnover grew by 36% to Â£312m and pretax profit before goodwill went up 66% to Â£22.4m, of which underlying organic growth was 19%. Adjusted eps lifted 41% to 29p. Spice operates seven divisions with three of these delivering a range of services for the utility sector (including electricity, water and telecoms) and continues to benefit from non-discretionary spend on the networks driven by the regulator. The biggest growth driver was again electricity services (operating profit up 32% to Â£8.9m), helped by the benefit of the new contract signed with EDF Energy last year.< ...

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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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