Updates

Albemarle & Bond - Increased competition clips forecasts

August 2012

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.

Pawnbroker Albemarle & Bond has noted that although its gold buying business has demonstrated continued growth in its second half, the rate of growth has slowed from over 50% in H1 to just mid single digits. The slowdown in activity, together with the lower gold price, has impacted both volumes and margins and means profits will be below market consensus forecasts. Although too early to tell whether this happened because of recent wet weather or is the start of a trend, management has moved quickly to cut costs. Albemarle's other divisions have continued to trade in line with expectations. Broker Canaccord has downgraded eps forecasts for 2012 by 11% to 28.4p, with the year starting 1 July clipped from 35.2p to 30.5p. T ...

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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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