Updates

Parkwood

October 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.

With a failure to achieve his ambition of becoming chief executive, finance director Charles Bithell has decided to move to pastures greener. The tenacity of founder and chairman Tony Hewitt to not relinquish his grip partly explains why the shares continue to be lowly rated by the market on a forward PE of just 8x or so, despite an order book which now stands at £424m (up 30%) providing considerable visibility to forecasts. The other explanation for the low rating is, of course, the disparate range of businesses for a company with a market cap. of just £15m. The first half results were in line with expectations with sales up 17% to £45.7m and profit before tax up 29% to £1.03m. Earnings per share increased ...

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Interactive World - Operating margins of 46.7%

James Fisher - Beats forecasts by wide margin

Parkwood - Moves into private fitness club sector (February 2007)

Parkwood - Positive trading update (August 2006)

Parkwood - Results ahead of forecast (April 2006)

Parkwood - Low rating for support services sector (March 2006)

Parkwood - Bullish on prospects (February 2005)

Parkwood - Makes a very cheap acquisition (May 2004)

Parkwood (February 2004)

Parkwood (February 2003)

Parkwood - Bexley PFI contract expected before year end (September 2002)

Parkwood - Joint venture to target local authority leisure PFIs (July 2002)

Parkwood - PFI start-dates are the key (April 2002)

Parkwood - Wins Bexley PPP contract (February 2002)

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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