Updates

Prezzo

May 2012

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.

Prezzo added 24 restaurants to leave 184 units trading at the end of December and it has been precisely the addition of new space rather than growing like-for-like sales that resulted in good 2011 results. Overall, sales were ahead 18% to Â£123.9m and pretax profit was up 14% to Â£16.4m (for eps up 18% to 5.2p). There was no debt at the year end - but no cash either. After spending Â£6m buying seven freeholds, it now has 22 freeholds.Prezzo however continues to generate a tidal wave of cash and can expand its estate by 10% organically every year; indeed it expects that it will open 20 units this year with new sites on average paying back within four years. This supports Numisâ€™ forecast for this year of Â£17.3m preta ...

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Mears

Shaft Sinkers

Prezzo - 126.5p cash offer from TPG (December 2014)

Prezzo - Early stage bid talks with ASK-owner (November 2014)

Prezzo - Risk to forecasts on the upside (October 2013)

Prezzo (May 2013)

Prezzo (October 2011)

Prezzo - Buys six leasehold units for Â£0.55m (May 2011)

Prezzo (October 2010)

Prezzo - Buys 11 restaurants for Â£3.1m (September 2010)

Prezzo - Expects to open 8-10 restaurants this year (May 2010)

Prezzo - To open 10 restaurants versus 2 last year (February 2010)

Prezzo - Resumes restaurant opening programme (October 2009)

Prezzo - Value for money consumer proposition (June 2009)

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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