Updates

Spice - Softer trading in gas side

April 2009

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.

Our recommendation to take profits in utility support services firm Spice two months ago looks well-timed in the light of its latest trading update for the Q3 to 31 January, which resulted in a sharp fall in the shares. While the larger divisions of billing services, electricity and energy businesses are continuing to perform well, the bugbear is in Spice's smaller gas business reflecting softer economic conditions. However, brokers are not changing their forecasts, which leaves the shares looking cheaper than they have for some time on a prospective PE of just 6.4 (eps: 6.9p). Originally added to the TMI portfolio at 26p in September '04, we've recommended taking part profits on several occasion ...

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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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