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TRL - Changing business mix

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.

  • Epic Code:
  • TRL
  • Price:
  • 207p
For the six months to 30 September, sales doubled to £10.2m. Adjusting for various exceptional restructuring charges, operating profit was £1.1m versus a £0.2m loss. Earnings per share were 4.3p. £2.7m of free cash flow in the first six months demonstrates the quality of the business. Overall, gross margin was similar to that for the same period last year at 36.5% although a very different mix compared to a year ago when TRL was still a private business.As we highlighted in our August write up, it has been its technology & innovation business which is the significant driver. That division reported sales of £3m versus £0.5m in H1 last year as it works its way through a £9.4m contract fo ...

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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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