Updates

Hornby

March 2011

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 its earlier supply chain problems Hornby has found itself affected by the winter snow, which reduced retail footfall in December and consequently retailers have reduced their restocking orders for the remainder of the financial year to 31 March. This means results for the full year will be below expectations. Numis has reduced pretax profit forecasts from £6.4m to £4.6m (eps 8.6p) although the following year (to March 2012) has been left unchanged at £7.8m (eps: 14.6p). Although we remain long-term supporters, reflecting the potential for developing its brands in the UK and Europe, as well as milking the London Olympics in 2012, the shares have fallen through our stop-l ...

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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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