Updates

DiscoverIE

July 2024

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.

I spoke to CEO Nick Jefferies following the FY24 results. Over the past two years, the company had experienced c50% sales growth but FY24 saw consolidation, with sales up by only 1% (2% from acquisitions offset by -1% organic growth). Pretax profit was up 4% to £57.2m and operating margin reached a record high of 13.1% from 11.5% last year and 10.2% three years ago. Despite facing FX headwinds and higher interest costs from increased debt to fund M&A, EPS were slightly ahead at 35.6p. Jefferies explained that Europe, particularly Germany, is experiencing weakness due to major industrial companies destocking. In contrast, China has stabilized after last year’s downturn and remains broadly flat, while India saw an 8% increase ...

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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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