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Authoritative Independent Monthly Share Selections Using Technical & Fundamental Analysis

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Havelock Europa - Education labes sell well

March 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.

Until recently, investors in Havelock Europa could only dream that their shares would ever return to 300p, a level they breached in 1997 when pretax profit reached a high watermark of £6m and earnings were 14.8p.  Ever since those halcyon days the group's core retail interiors business, which manufactures and installs furniture and fittings for retailers and banks, has struggled to turn a profit. The chief bugbear was key customers delaying  or abandoning  their capital expenditure programs in response to tougher trading conditions.  However, two key events in late 2001 triggered a re-rating in  the shares and prospects now look considerably brighter. The first was the acquisition of ESA MacIntosh,& ...

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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