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Fayrewood - Time to take profits

April 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.

After alerting investors that its fourth quarter was stronger than market expectations, Fayrewood duly announced record results for the year ended 31 December. Pretax profit increased 27% to £16.3m, on turnover up 17% at £507m, while earnings rose 43% to 16.8p. Fayrewood's niche distribution division, which supplies IT hardware, such as digital cameras, PDAs, monitors and networking equipment, once again was indebted to a strong performance from its Spanish subsidiary, UMD, which grew profits by 38%. Its less dynamic divisions, the UK-based Interface Solutions and Paris-based Banque Magnetique, both performed better than expected. Meanwhile, 51%-owned subsidiary, Computerlinks, a wholesale d ...

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White Young Green - Makes two more acquisitions

NETeller - Moves into dynamic Asian market

Fayrewood - Shares hit new highs (February 2005)

Fayrewood - Computerlinks sales up 17% (December 2004)

Fayrewood - Another eranings upgrade pushes prospective PE down to 7.6 (September 2004)

Fayrewood - Results will beat forecasts (again) (August 2004)

Fayrewood - Arbuthnot finally upgrades forecasts (July 2004)

Fayrewood - Still outperforming the sector (June 2004)

Fayrewood - Niche distribution overtakes ComputerLinks (April 2004)

Fayrewood - IT distributor beats forecasts again (February 2004)

Fayrewood (December 2003)

Fayrewood - IT distributor eyes recovery (September 2003)

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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