Updates

N Brown - Delay in Fit 4 the Future program

December 2016

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.

The company claimed it beat expectations for the six months ended August but adjusted pretax profit was still 20% down year-on-year to £31.6m on sales that rose 1% to £429.4m. That growth came from a 0.6% rise in product revenue to £300.9m and a 1.9% rise in financial services income to £128.5m. Adjusted eps fell from 11.2p to 9p. Investment in its Fit 4 the Future program increased net debt from £239.8m to £286.7m.Progress was mixed as although online penetration has increased to 68% of sales (up 5% year-on-year) and online revenue rose 7.5% thanks to its Power Brands, its gross margin has fallen back by 1.9% to 55.9% while management has reiterated its guidance for a £7m foreign exchange ...

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Plus500 - Soon-to-be prospective PE just 6.6

Whitbread

N Brown (March 2017)

N Brown - C.70%-80% of FY'17 US$ requirements already hedged (August 2016)

N Brown - Small eps downgrade triggers over-reaction (June 2016)

N Brown - Trading unaffected by mild winter (March 2016)

N Brown - Cooler autumn boosts sales (December 2015)

N Brown (August 2015)

N Brown (June 2015)

N Brown (May 2015)

N Brown - Colder weather boosts sales (February 2015)

N Brown - Warm September triggers profit warning (November 2014)

N Brown - Prospective PE just 14.1 (August 2014)

N Brown - New eps forecast for 2017 of 37.4p (June 2014)

N Brown - Migration of sales online should trigger large reduction in costs (April 2014)

N Brown (March 2014)

N Brown (November 2013)

N Brown - Shares strong ahead of results on 9th October (October 2013)

N Brown - Online sales 56% of total (September 2013)

N Brown - High margin Internet sales now account for 54% of turnover (June 2013)

N Brown Group - Over half of catalogue retailer's sales now online - our price target is 992p (March 2013)

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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