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Dunelm - Shares hit new high of 470p

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.

A superb run to a new high of 470p following finals that were well-flagged by its year-end update. Aside from the news that chief executive Will Adderley is stepping down after 15 years at the top to become executive deputy chairman, there were no surprises with sales up 18% to Â£492.8m. Pretax profit increased 46% to Â£76.8m and eps rose 47% to 26.9p. This growth reflects an increase in the gross margin of 1.9% to 46.8%, like-for-like sales growth of 8% and a massive expansion program, with 10 new out-of-town superstores opened.The economics of new stores are extremely favourable and encouragingly the payback period for the last 30 openings is expected to be just 26 months, compared with the original target of 36 months. A ...

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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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Dunelm - Shares hit new high of 470p

November 2010

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