Updates

Spice Group

December 2006

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 acquired Apollo Heating for £9.65m cash. Apollo is a specialist supplier to the social housing sector and local authorities and installs, services and maintains heating and gas appliances in domestic and commercial properties under a number of framework agreements. On the back of the deal, Spice will form a new public services division, a market it has been attempting to enter for two years. Spice is paying £9.65m cash for the business which equates to an exit multiple of 8.4x operating profit. KBC has upgraded its 2007 forecasts slightly to £13.2m pretax for eps of 17.9p, with £15.4m (20.9p) pencilled in for next year. Results are due on 14 December and are un ...

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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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