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Cosalt - Sells Holiday Homes side

December 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.

  • Epic Code:
  • CSLT
  • Price:
  • 175p
Cosalt has ditched its non-core holiday homes division for a nominal cash sum. While it's pleasing that it finally rid itself of a problematic business that made a loss of £0.5m on sales of nearly £23m in the six months to 27 April, the disposal value is disappointing given that it had gross assets of £22.1m. That said, there are clearly risks of this division piling up much larger losses in future, given that buying a holiday home is unlikely to be top of people's agenda during the credit crunch. Having already made this division a discontinued business the expected loss on disposal of £15.1m will be taken below the net profit line in the next results for the year to 26 October.  That leaves Cosalt finally able to ...

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