Updates

Eaga

July 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.

Less than three weeks after floating on the Full List, Eaga has announced the bolt on acquisition of RG Francis for up to £11.2m cash. RGF installs domestic central heating systems under long-term contracts with social housing providers in the South East. In addition, RGF also carries out annual inspections of gas appliances which is a legal obligation. In the year to 30 September, RGF had sales of £13m and the price being paid equates to 7x operating profit. It is therefore eps enhancing. The acquisition will complement Eaga's social housing activities in Ireland (Heat) and the Midlands (JD Heating). Before the deal, Eaga was expected to generate c.£59m sales from the social housing sector so this acquisition co ...

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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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