Updates

Spice Group - Infil water acquisition

December 2005

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.

The hectic pace of acquisitions continues with Spice announcing the purchase of Kemac, a water services business, for an initial £2m with a further £6.25m based on future profits. Kemac installs and reads water meters and detects water leaks and is therefore similar to the existing H20 business, although it extends the business into new geographic territories . In the year to 31 December 2004, Kemac made an operating profit of £0.3m on sales of £4.2m. Adjusting for £0.2m cash in the business, Spice is paying a historic multiple of 6x operating profit but Kemac has experienced growth based on new contracts which continue to be driven by water companies increasingly using outsourced support services. ...

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