Updates

Creston

September 2005

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.

Creston has acquired the seventh largest healthcare PR agency, Red Door, for £13.5m. Red Door, which was established in 2000, provides a broad range of public relations, medical education programmes, marketing communications and consultancy to clients in the pharmaceutical industry. Current clients include AstraZeneca United Kingdom, Bayer, GlaxoSmithKline and Novartis. For the year ended 31 December, Red Door made a pretax profit of £0.96m on sales of £3.6m. Creston is paying £6.5m (£4.1m cash and 1.6m new shares) with the balance based on future profits. The deal is immediately eps enhancing.Charles Stanley has lifted its profit forecast to £7.4m and eps of 14.3p. Based on a sector PE of ...

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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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