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Ferraris - Modest reduction in forecast to 18.2p

May 2002

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.

  • Epic Code:
  • FER
Having jumped on the announcement of increased NHS spending in the Budget, the shares fell after Ferraris reported results that were marred by various exceptionals. For the six months to 28February, profit before tax and goodwill was £2.0m on sales up 22% to£31m. Ferraris also confirmed that it has signed Heads of Terms todispose of its non-core engineering unit for around £3m. Theengineering side unexpectedly lost £0.1m compared with a profit of£0.66m in the same period last year, but we suspect there may be somefudging of numbers ahead of the disposal. On a continuing basis,assuming engineering is sold, pretax profit (before goodwill and exceptionals) was up 12% to £2.3m on sales up 29% to £28.5m. Earnings on this ...

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