Updates

May Gurney

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.

Results for the year to 31 March came too late for inclusion in last month's issue but these were in line with best expectations. They showed record turnover, up 11% to £406m. Pretax profit grew 27% to £14.9m and eps increased by 11% to 17p. Net cash at the period end was £22.4m. During the year the outsourcing side saw its sales grow 14% to £253m. Despite the growth in the top line, the significant new contracts were, as expected, a drag on margins during their mobilisation phase, mainly due to set-up costs (involving investment in new technology and IT). Last year, an estimated £0.7m was expensed in this way which held back divisional margin to 3.8%. The focus in the division is on outsourci ...

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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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