Primary Recommendation

Kier - Eight consecutive years of growth

July 2002

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.

After a quick glance, most investors would probably choose to ignoreconstruction and housebuilding group, Kier, because of its thin 1.75% pretax profit margin. However, a closer look would reveal that itboasts a strong track record. In the period 1993 - 2001, pretax profit and earnings have grown every single year from Â£5.5m and 12p in 1993 to Â£21.9m and 48p in 2001. Kier's incredible 42.7% pretax return on capital employed last year also puts many other more glamorous stocks to shame. It has actually been over 40% for the last four years in a row. SoKier is no flash in the pan. Encouraged by the latestinterim results which were well ahead of all ex ...

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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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Kier - Eight consecutive years of growth

July 2002

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