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Spectrum Interactive - Thriving payphone and internet terminal business

June 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.

Recent AIM issue Spectrum Interactive, which operates an estate of payphones and internet terminals in the UK and Germany, would at first glance appear to be an uninspirational choice. However, the company, which raised a net Â£5.5m new money via a placing at 93p a share primarily to pay down expensive debt, looks a much better prospect on closer inspection. Under the guidance of chairman and former conservative minister Lord Young and chief executive Mark Lewarne, Spectrum has enjoyed steady growth in recent years and is forecast to nearly double its pretax profit from an expected Â£2.7m in the current year ending 30 June to Â£5.3m in 2007. Spectrum was established in May 2002 by an MBO, led by Mark Lewarne, ...

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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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