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Spice Holdings

March 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 an excellent rise in the shares to a high of 208p, Spice announced that interim results had beaten expectations. For the six months ended 31 October, turnover rose 3% to £41.3m, but pretax profit rocketed by almost 100% to £1.8m, with operating margins jumping by nearly half from 4.1% to 6%. Earnings rose 92% to 4.6p. Spice continued its policy of walking away from low value work and migrating towards added value business, with the result that margins rose in all three divisions. The largest, Electricity Services, which provides buildings and ground maintenance services and civil engineering and surveying to utilities, enjoyed a 14% increase in profit to £1.2m, reflecting a reduction in (lower ...

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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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Spice Holdings

March 2005

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