Updates

Tracsis - Stellar performance from MPEC

November 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.

Tracsisâ€™ excellent full year results were, as anticipated, driven largely by MPEC, which provides self monitoring assets, which log faults on the rail network. That division, which contributed for 12 months as opposed to two last year, quadrupled sales to Â£4.5m and with the other two legs of the business also growing organically, overall sales were Â£8.7m. Pretax profit was Â£3.3m for eps of 11.1p. When we spoke to chief executive John McArthur, our main concern was that MPEC is reliant on a single customer, Network Rail, and its margins are much higher than the rest of the business. Macarthur is coy on giving the margin away but assuming 20% margin on the other side (software and consultancy) suggests MPECâ€™s margin is in fac ...

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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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