Updates

Murgitroyd

March 2013

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.

Despite coming up against tough comparatives this time a year ago (when turnover and pretax profit rose 13% and 23% respectively) patent and trademark attorney, Murgitroyd, still delivered improved interims for the six months to 30 November. On a 2% decline in turnover its pretax profit rose 3% to Â£2.27m while eps gained almost 8% to 18.7p, helped by an increase in gross margin from 58% to 60%. The lower headline sales but rise in profitability reflected a changed sales mix, with work instructed by clients involving lower levels of disbursements, costs, which are passed on within its turnover. The fact is that Murgitroyd's ten-year compound annual growth rates in revenue and operating profit are still a truly outstanding 15% and ...

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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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