Updates

Joules

October 2016

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.

We included a comprehensive write up last month so not a great deal to add following full year results. Suffice to say that sales were up 13% to £131.3m. Pretax profit and eps were up 42% to £7.5m and 6.9p.Having invested heavily in the business infrastructure and head office teams, Joules has started to deliver operating leverage, with EBITDA margins rising 130bp for the year to 10.3% - although it is still 6-7% lower than Supergroup. For the Brexit watchers, whose concern might be foreign sourcing, gross margin was 53.3% and Joules says it is fully hedged for currency until the middle of 2018. Joules has not issued a Q1 statement, suffice to say that the new financial year has started well. The ...

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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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