Updates

UMECO - Acquires Advanced Composites

May 2004

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.

UMECO has acquired Advanced Composites, a leading international supplier of high performance advanced composite materials to OEMs in the motorsport, automotive and aerospace & defence markets. Derby-based, ACG cost Â£44.25m, making it by far the group's largest ever deal and is being funded through a 1 for 3 rights issue at270p (raising net Â£21m) and new bank facilities. ACG, which makes 45% of its sales from motorsport & automotive, including theFormula 1 teams and 30% from aerospace and defence customers, has impressively grown its operating profit by 27% to Â£3.8m in the last three difficult years. This, along with industry topping operating margins of 11% (reflecting the technical nature of its ...

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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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