Updates

Davenham - Shore Capital initiate coverage

January 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.

The shares have already performed strongly since we tipped them last month. Broker Shore Capital (not the house) has since issued its first forecast. This is for a pretax profit of £11m in the current year to 30 June (eps of 30p) with £13m (eps 35p) the following year. The broker research doesn't add much to what we said last month suffice to underline that current trading is strong with a £53m pipeline of new business offering asset growth of 35%. With an acquisition expected to expand into the South East before too long, we maintain our buy rating. ...

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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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