Updates

Spice Holdings

March 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.

News of another acquisition as well as strong interim results has kept the shares near all-time highs. Spice’s latest acquisition was Baineport Engineering, which is based in Ely and provides electricity distributors with services such as network design, installation, inspection and maintenance of electrical networks. Spice is paying £4.5m-£5m, which based on Baineport’s most recent results, works out at around six times operating profit, quite cheap considering that it will move Spice’s Electricity Services division further up the value chain. Meanwhile, Spice’s interim results showed a 35% rise in sales to £55.6m, with pretax profit increasing 61% to £3m. Stripping out the £ ...

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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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