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First Derivatives

October 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.

FDP has bought three companies, which came together as a single package for Â£3.1m. Their aggregate profit of Â£0.6m on sales of Â£5m and the acquisitions are expected to modestly enhance eps from day one but become even more so once the businesses are relocated into existing offices. Overall, the purchase adds 31 consultants to the group (368 consultants previously) and brings in expertise in Murex technology and also managed services for trading systems. We spoke to the company post the news but weren't able to touch on financials as FDP is in its close period prior to interims in November. Post the deals, Charles Stanley forecasts eps of 36.2p this year to end February and 44.4p next. Hold. ...

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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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