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Authoritative Independent Monthly Share Selections Using Technical & Fundamental Analysis

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Secondary Recommendation

Spring Grove - The next Mears?

June 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.

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Spring Grove provides routine maintenance of properties for registered social landlords (housing associations, trusts and co-operatives) and local authorities - a hot sector right now.  Italso refurbishes vacant properties and provides all year round, 24 houremergency call out services.   The shares made a lowprofile AIM debut last December having transfered from OFEX. Since then the shares have moved to a 30% premium from the 40p placingprice by Shore Capital which raised £2.1m  to pay off debt andprovide working capital. But Spring Grove is a tiddler, marketcap is just £6.3m, and sports an enviable track record, with saleshaving risen nearly eleven fold from £0.5m in 1996 to £5.4m in theyear ...

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Spring Grove - Doubles annual profit (July 2002)

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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