Updates

H&T - High gold price boosts profits

May 2008

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.

One of the strong aspects to H&T's business model is that it has recently been focusing, unlike rival Albermale & Bond (ABM; 213p), on buying existing pawnbrokers rather than opening greenfield sites. As Albermarle's early growth showed, new greenfield sites tend to experience a slow build in sales, which has a drag on sales in year one, especially as the new units represented a high proportion of the overall estate. Albermarle's argument was that buying an existing pawnbroker might mean taking on a pledgebook of variable quality.But H&T has been using a combination of acquisitions and organic growth. The acquisitions are serving as a springboard into Yorkshire and the South coast whilst new units have been bolstering ...

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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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