Updates

Spice - Revenue Assurance nicely bedding in

August 2008

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.

Support services firm Spice has put in a superlative set of results, with good growth being seen across the board. For the year to 30 April, turnover rose 37% to £312m, including a £25m contribution from acquisitions. Pretax profit increased 66% to £22.4m, while eps was up 41% to 29.0p. 12 acquisitions were made for an initial cost of £124m, which explains the jump in net debt from £34m to £126m. Nevertheless, forecast interest cover for this year remains reasonable at over four times. The key issue was always going to be the performance of last October's £103m acquisition of billing consultancy firm Revenue Assurance but so far it has performed well. Aside from its debt resolution and met ...

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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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