Updates

Spice Holdings - More earnings enhancing acquisitions

October 2005

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 firmed towards their high after Spice announced the acquisition of two related private companies for a combined value of £15m, funded by an institutional placing of 7m new shares at 214p. Together, the two acquired businesses made an operating profit of £1.5m on £17.2m turnover in the year ended 31 January, giving an exit PE multiple of 10 times and are therefore immediately earnings enhancing.Larger of the two is Circle Britannia, which provides outsourced facilities management services across the following divisions: planned & reactive, mechanical & electrical and fabric maintenance services and works resulting from domestic insurance claims on behalf of major insurance companies. Founded in ...

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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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