Updates

Scapa - Acquires First Water

April 2015

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.

Scapa has acquired Wiltshire-based First Water for an initial £11.3m, plus up to £4m on a three year earn-out. First Water designs and manufactures proprietary advanced wound care hydrogel products for global customers, filling a gap in Scapa’s coverage. It made £0.9m EBITDA in the 12 months to January 2015 and is expected to be eps enhancing in its first year.N+1 Singer has upgraded both year-end March 2015 and 2016 reflecting stronger trading as well as the acquisition. New eps rise from 7.7p to 8p, with 8.4p expected for the year just started.The shares look poised for a strong break-out. Continue to buy. ...

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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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