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Polaron - Forecasts upgraded

November 2004

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.

The six months to 30 June were a period of mixed fortunes, as its new management got to grips with the business. A strategic review will take place in December but ahead of that, within the results Highbury included exceptional and reorganisation costs plus a very large £26.4m non cash goodwill impairment charge. This is to recognise that it overpaid for its past acquisitions and comes ahead of expected disposals. Pretax loss was therefore £25.7m. Adjusted operating profit before tax was £4.5m for eps of 0.5p. Sales rose 24% to £55.5m, reflecting the full period contribution from acquisitions in 2003 (Cabal and Paragon). The two acquisitions left net debt at £59.3m, with a repayment balloo ...

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Kewill

Scott Tod

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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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Polaron - Forecasts upgraded

November 2004

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Polymer Logistics - Interesting business model (August 2007)

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