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Hargreaves - Meeting notes

March 2006

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.

We met management shortly after the group reported interim results to 30 November. As expected, these were excellent with the group enjoying very fast growth in its coal trading activities whilst results were also boosted by a maiden contribution from the Monckton coke works acquisition. On a divisional basis, the core haulage business continues to grow sales at a single figure per centage whilst the waste services side is growing in the low teens but the coal side is growing at such an explosive pace that excluding acquisitions, single-handedly it pulled up overall organic growth in sales for the group to 75% and organic growth in operating profit to 54%. Including Monckton, which contributed £10m sales for five-and-a-half ...

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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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Hargreaves - Meeting notes

March 2006

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