Secondary Recommendation

WSP - On the cusp of new upward leg

May 2008

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.

Experienced growth stock investors will always have a place in their heart for WSP (FT sector: Support Services), the multi-disciplined engineering consultant whose shares have attained ten-bagger status or better on two separate occasions over the past 12 years. Each time the pattern has been the same with the raw material coming from a tendency to initially de-rate the shares on the assumption that it will flounder because of its exposure to large commercial property projects, which tend to get deferred when money is tight. But once the first evidence appeared that the company was going to be fine, the shares quickly bounced back like a piece of elastic. The reason behind this long pre-amble is that we think WSP is in the early stages ...

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WSP - Adverse outlook; time to sell (August 2008)

WSP - Prospective PE just 10.4 (February 2008)

WSP (January 2008)

WSP (November 2007)

WSP - Environmental consultancy side going great guns (October 2007)

WSP (August 2007)

WSP - Market conditions remain strong (June 2007)

WSP (April 2007)

WSP - Order book strengthening (February 2007)

WSP - New joint venture in India (January 2007)

WSP - Acquisitive engineering consultancy with strong growth record (December 2006)

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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