Updates

Spice Holdings - Earnings enhancing deal

January 2005

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.

Following news of another stunningly cheap acquisition, albeit its first as a quoted company, shares in Spice Holdings surged to 193p, making for a useful 48% gain in three months. Spice has bought AtlanticUtility Services (AUS), an installer of domestic and commercial water meters on behalf of various water utilities, from the receivers for Â£0.56m cash. AUS, which had been Spice's biggest rival in this area, had made an operating profit of Â£0.5m on sales of Â£16m in the year ended 31 December 2003, so Spice has clearly found another bargain, even before extracting any margin gains through its usual efficiency drives. Although the water services side is the smallest part of Spice's bu ...

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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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