Updates

Hill & Smith

November 2018

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.

The shares slid after weak interims, although the c.7% downgrade to eps probably didn’t merit the severity of the sell-off. For the six months ended June, revenues rose 1% to £295m but operating profit fell 11% to £35m, driven by a 1.6% reduction in operating margins to 11.7%.The roads infrastructure division, mainly temporary crash barriers on major roads, saw operating profit fall from £10.2m to £8.5m due to project delays caused by poor weather and delays in decision making due to Brexit. For obvious reasons a messy Brexit could make it worse, although management are optimistic no further delays will occur.Within the Utilities Infrastructure’s side (industrial flooring, plastic dra ...

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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.

All material on this website is protected by copyright. You may use Information retrieved from the www.scsw.co.uk website for your own personal non-commercial use which means that you may not sell or copy this information to any third party without prior written consent. ISSN 1358-183X

Hill & Smith

November 2018

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