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Spice Holdings - Take some profit

January 2006

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.

Investors greeted Spice’s latest earnings enhancing acquisition by pushing the shares to an all-time high of 260p. Spice has also just bought Kemac, a water services business, for an initial £2m, rising to a maximum £6m depending on future performance. Based on the pretax profit of £0.3m that Kemac made in the year ended 31 December 2004, the exit PE is just 9.5 times, assuming a full tax charge. Kemac provides a number of water services, such as meter surveys and installation, meter reading, leakage detection, water regulations inspection & rectification and emergency plumbing services. The deal looks a good fit because most of Kemac’s customers, which comprise seven major water utilities, are ...

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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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