Updates

Spice

February 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.

News of another earnings enhancing acquisition immediately followed by very strong results have led to forecasts being raised yet again, fuelling another surge in Spice’s share price to a new high of 462p. Its latest acquisition was of Pargas, a public sector gas and heating services business, for an initial £9.5m. Pargas made an operating profit of £1.2m in 2005, while it is expected to make £1.34m in 2006 which suggests that Spice bought it on a cheap exit multiple of 7.1X operating profit. This acquisition has usefully bolstered Spice’s new public services division, with Pargas’ main activities involving the installation and maintenance of gas appliances and heating systems in local authority and so ...

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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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