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WSP - Dividend yield of 9.2% and PE of 5.9

April 2003

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.

Results for the year to 31 December showed sales up 16% to £261.5m driven by a full year contribution from the Scandinavian businesses acquired in 2001 compared to their inclusion for seven months in that year.  Profit before exceptional items (£6.5m) and goodwill (£5.1m) was £12.0m, down from £15.1m and in line with December's profitwarning. Adjusted earnings were 15.2p, down from 22.7p.  Adjustingfor the £4.7m in new shares payable on the American acquisition, diluted earnings, calculated at the December-end 40p share price, is 13.2p. That said, the price has since firmed so dilution will be less. The number of shares to be issued will be fixed on the average price ofthe 30 days from 10 March. Net debt fell to £45.6m f ...

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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

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