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Authoritative Independent Monthly Share Selections Using Technical & Fundamental Analysis

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SCS Upholstery

January 2003

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:
  • SCS
SCS Upholstery has announced excellent full-year results for theyear ending 30 September 2002.  Pretax profit increased 27% to£9.8m, on turnover up 35% to £97.8m, while earnings lifted 25% to21.0p. The shares have stubbornly refused to break into a higher range,partly because SCS’ like-for-like sales grew only 2%, in what hasbecome a more competitive market (witness DFS’ AGM, which stated thattrading patterns had slowed).  The key difference for SCS is thatit is aggressively growing its store numbers from a low base – itopened 14 last year, increasing the total by 38% to 51.Gross margin was stable at 48%, (2001: 48.2%) but operating marginfell from 10.3% to 9.8%, reflecting the fact that six of the 14 newopenings ...

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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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