Updates

Carter & Carter

January 2007

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.

Carter has acquired three vocational learning providers for a total of £23.4m. As well as being instantly eps enhancing, the three acquisitions (Quantica Training, NTP and IMS) look attractive, taking Carter’s apprentice training operations into new sectors of logistics, financial services and travel/tourism. It also increases its exposure in the fast growing Train to Gain market and gives it capability in funding management. In total, the three acquisitions add an additional 3,500 apprentices. The three businesses appear a good fit and whilst there will be some restructuring charges of £1m, this should drive similar ongoing cost savings. Broker ABN-Amro has therefore upgraded its forecast for the year to 31 July ...

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BATM

Ceramic Fuel Cells - Milestones achieved

Carter & Carter - Buys two vocational learning businesses (June 2007)

Carter & Carter (May 2007)

Carter & Carter - Exploring college outsourcing deals (March 2007)

Carter & Carter - Our best performing NAP tip this year (November 2006)

Carter & Carter - Look set to break higher (September 2006)

Carter & Carter - Eps enhancing acquisition (June 2006)

Carter & Carter - Acquisitions should push shares higher (May 2006)

Carter & Carter - Eps enhancing acquisition on 6.5x profit (March 2006)

Carter & Carter - Aquisitions planned to grow presence in government funded training market (January 2006)

Carter & Carter - Squarely in market for work based training (December 2005)

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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