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Charter - Benefiting from favourable market conditions

August 2007

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.

At its AGM on 26 June, engineering firm Charter noted that trading in the first five months of this year has been encouraging with both its main businesses still benefiting from favourable market conditions. ESAB, which makes welding products and advanced cutting systems, has benefited from a 20% increase in production capacity and with its end markets buoyed by continuing high demand for steel consumption, more capacity increases will be needed soon. ESAB’s profits will also benefit from the recent £16m purchase of the remaining 20% it didn’t already own in its subsidiary, ESAB India Meanwhile, Charter’s smaller business, Howden, which makes air and gas handling equipment, is also going well with its order ...

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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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