Updates

Findel

January 2014

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.

It's always a pleasure speaking to chief executive, Roger Siddle, especially as Findel continues its recent pattern of pleasantly surprising on the upside. The latest interims recorded a reduced loss before exceptionals of £0.4m versus a £6m loss last year. Overall sales were up 5% to £244m. The swing factor was the catalogue operations, Express Gifts and Education. Express actually recorded a £3.3m profit in H1, a period when it typically loses money. Sales were up 11% driven by 8% growth in customer numbers and a stable bad debt ratio (c.11% of sales versus 11.4%). H2 promises to be strong with sales ahead by 8.4%. Education bounced back with sales up 8% and a £3.6m operating profit versus breakeven despite budgetary pressures ...

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Parity

Safestyle - UKs biggest supplier of doubleglazing makes debut

Findel - Soon-to-be-prospective PE of just 7.9 (March 2015)

Findel - Highly geared for the long haul (September 2013)

Findel - Express Gifts momentum continues (July 2013)

Findel (April 2013)

Findel (February 2013)

Findel - Shares spike up on institutional buying (January 2013)

Findel (December 2012)

Findel -Prospective PE of 6.2 (November 2012)

Findel (May 2010)

Findel (February 2010)

Findel (October 2009)

Findel - PE of 7.7 versus sector average of 14 (September 2009)

Findel - Forecast upgraded following GLS acquisition (January 2005)

Findel - No loss of momentum on either side (June 2004)

Findel - Subprime recurring revenues (July 2002)

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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