Updates

Spice Holdings

February 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.

Results for the six months to 31 October were ahead of expectations. Turnover was up 3% to £41.3m. Profit before tax was £2.1m, up by 131%, with the lion’s share of growth coming from the water services division. Adjusted eps was 4.6p. Electricity services continued to be the largest business with operating profit before central costs of £1.21m on sales of £17.9m. The principal assets are contracts with six electricity companies to provide buildings and grounds maintenance services but a number now increasingly include technical work inside the substations. The work is done under the “Freedom” concept which involves the transfer of employees out of the electricity company into a numb ...

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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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