Updates

Albemarle & Bond

November 2010

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.

Pawnbroker Albemarle & Bond released excellent final results in the year to 30 June with turnover rising 48% to Â£82m and pretax profit increasing 37% to Â£20m. Eps rose 34% to 26.2p. Net debt reduced from Â£30.8m to Â£25.1m, leaving gearing at just 42%. The core pawn broking side (53% gross profit) again did well, as mean banks forced more customers through its doors and gross profit grew 9% to Â£28.2m. The pawn loan book, a good lead indicator of future performance, also encouragingly grew 16% to Â£29.6m. Alongside its quoted rival, H&T, 322p, Albemarle has also benefited from the high gold price with its gold buying business delivering a gross profit of Â£11.5m in its first full year, a quantum leap compared with ...

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PZ Cussons - Major acquisition

Cluff Gold - Good production progress; price target 150p

Albemarle & Bond - To scale back new openings (November 2012)

Albemarle & Bond - Increased competition clips forecasts (August 2012)

Albemarle & Bond - Bank refinancing underpins expansion (April 2012)

Albemarle & Bond - Lending crisis still driving demand (January 2012)

Albemarle & Bond - Very strong growth expected from store expansion (July 2011)

Albemarle & Bond (August 2010)

Albemarle & Bond - Openings to accelerate to 25 a year (April 2010)

Albemarle & Bond - Pawnbroker enjoying windfall gains from surge in gold (November 2009)

Albemarle & Bond - Trading ahead of expectations (July 2009)

Albermarle & Bond - Pawnbroker benefiting from credit crunch (April 2009)

Albemarle & Bond - Pawnbroker likely to be big winner from credit crunch (November 2008)

Albemarle & Bond - Loan book increases to Â£8.4m (March 2003)

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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