Secondary Recommendation

PZ Cussons - Major new joint venture

February 2011

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.

Imperial Leather and Carex soaps owner PZ Cusson's trading update for the half year to 30 November came in marginally ahead of expectations. On flat revenues, Europe profits will be lower due to a strong comparable period, which included the windfall from swine flu, while Africa will be flat as a result of liquidity in Nigeria remaining tight. Asia, the smallest side, was the star performer with Australia, the Middle East and Indonesia all doing well. Most recently Cussons has announced the establishment of a joint venture with Asian agribusiness and palm oil processor Wilmar to expand its food and nutrition presence in Nigeria, with its share of investment being US$27m over two years. Latest eps forecasts from Panmure are ...

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Elementis - A jewel in the specialist chemicals sector

Tarsus - Much stronger outlook, still very cheap

PZ Cussons - Lock in profits and sell (March 2011)

PZ Cussons - Major acquisition (November 2010)

PZ Cussons - Net cash soars to Â£86m (September 2010)

PZ Cussons - Gain to date: 148% (August 2010)

PZ Cussons - Possibility of a special dividend (June 2010)

PZ Cussons (March 2010)

PZ Cussons - 2009 NAP has nearly doubled (January 2010)

PZ Cussons - Net cash increases to Â£23m (November 2009)

PZ Cussons - Massive swing to net cash of Â£23.2m (September 2009)

PZ Cussons - Net debt almost eliminated (July 2009)

PZ Cussons (May 2009)

PZ Cussons - Imperial Leather owner set to increase profits to Â£100m in 2010 (April 2009)

PZ Cussons - Owner of Imperial Leather eyes further growth (January 2009)

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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