Primary Recommendation

International Greetings - Refocuses on budget end of the greeting products market

August 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.

Up until three years ago, International Greetings, the supplier of greeting products (gift wrapping, tags and cards) had proven itself to be a rare beast in the UK smaller quoted sector. With just one short-lived blip during 2003, when production problems hit its principal UK gift wrap facility, the company had managed consistent profit growth from formation up until 2007, a period spanning three decades. The issues that subsequently drove the share price down so dramatically (see chart) stemmed mainly from the fact that it had built an over-reliance on Christmas products and wrapping paper in particular, where the market became incredibly commoditised. As that happened, inefficiencies in its business were no longer disguise ...

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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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