Updates

Erinaceous

November 2005

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.

Westminster City Council’s current contract, which was up for renewal next April, has been extended for a further five years. Previously, the contract comprised the management of 7,000 homes (worth c.£4.5m p.a.) but will now be 7600 homes. For the year to 31 December, Charles Stanley forecasts a pretax profit before goodwill of £23.3m and EPS of 17.6p as the benefits of the Hercules acquisition continue to filter through. For 2006, their target is £27.7m pretax and eps of 20.4p, to drop the PE to 14.6. We tipped Erinaceous at 129p in March '04. Continue to lock in profits if you haven't already done so. ...

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SMC - Very eps enhancing acquisition

Retail Decisions - Buys UK fuel card business from DHL

Erinaceous (April 2006)

Erinaceous (December 2005)

Erinaceous - Enjoys good trading (April 2005)

Erinaceous (January 2005)

Erinaceous - Shares move to new high (December 2004)

Erinaceous - Scope for large upgrades (October 2004)

Erinaceous - Scope for margin improvement (August 2004)

Erinaceous Beats forecasts (July 2004)

Erinaceous - First acquisition since AIM debut (June 2004)

Erinaceous - AIM debut with little fanfare (March 2004)

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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