Updates

International Greetings

January 2012

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 market chose to ignore these latest interim results, despite a 50% increase in profit before tax and exceptionals to Â£3.2m (eps 3.2p) on a 6% increase in sales to Â£110m, as the benefit of the last few yearâ€™s restructuring came through. Despite higher raw material and labour costs, gross margins improved by 80 basis points to 19.1%. Geographically, UK profits were up 18% to Â£2m on flat sales of Â£60m helped by growing business with the discounters. Other big regions did well including the US and Australia but Europe remained tough.A broadening of the customer base and product categories (into everyday cards) means the quality of earnings continues to improve. Ardenâ€™s pretax profit forecast is Â£10.3m with ep ...

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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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