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Carter & Carter - Our best performing NAP tip this year

November 2006

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.

Carter & Carter, another of our 2006 NAPS recommendations to hit a new high this month, has announced an excellent set of results for the year to 31 July. Group sales grew by 85% to £94.1m helped by the acquisitions of Assa last September, Fern in February and ReMIT in May. Adjusted pretax profit was up 111% to £15.2m and eps was up 62% to 28.5p. Net debt following those deals is £59m but interest cover is a healthy 6x. Including a contribution from the three acquisitions, sales in the vocational learning arm, which now encompasses 14-16 vocational programmes, pre-entry employment, apprenticeships and adult vocational programmes, were up 148% to £66.1m whilst operating profit almost doubled to £1 ...

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XKO - Sells its ERP division for Â£15m

Baltic Oil

Carter & Carter - Buys two vocational learning businesses (June 2007)

Carter & Carter (May 2007)

Carter & Carter - Exploring college outsourcing deals (March 2007)

Carter & Carter (January 2007)

Carter & Carter - Look set to break higher (September 2006)

Carter & Carter - Eps enhancing acquisition (June 2006)

Carter & Carter - Acquisitions should push shares higher (May 2006)

Carter & Carter - Eps enhancing acquisition on 6.5x profit (March 2006)

Carter & Carter - Aquisitions planned to grow presence in government funded training market (January 2006)

Carter & Carter - Squarely in market for work based training (December 2005)

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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