Updates

Luminar - Improving picture

December 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.

Following profit warnings from Regent Inns and JD Wetherspoon, Luminar has delivered a reasonable set of interim results. Whilst these remained cautious on short term trading on the high street, the negative trend showed some signs of easing. Sales were down from £199.9m to £188m, although £6.7m of this decline was due to units sold or closed pending sale or refurbishment. Adjusting for that, on a same-stores basis, sales were down 3.7%. The negative effect of that decline was partly offset by margin improvements as Luminar continues to take costs out of staffing and property. Profit before tax and goodwill was down from £27m to £25m. Earnings were down from 24.7p to 23.1p. Luminar continued to ...

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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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