Updates

Spice Holdings

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.

Spice has strengthened its water meter installation business, H2O, with the acquisition of its principal competitor from administrative receivership. Spice has paid just £0.56m for the business and assets of Atlantic Utility Services. For the year to 31 December 2003, Atlantic made a £0.5m operating profit on sales of £16m. It will extend its presence into Wales whilst removing a competitor from existing areas, making Spice a sole supplier to United Utilities. Hardly surprising that the deal will be eps enhancing from day one. KBC Peel Hunt forecasts £5.2m pretax this year to 30 April. Their target for next year has been raised to £7.2m pretax and 12p. Prospects ...

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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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