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Authoritative Independent Monthly Share Selections Using Technical & Fundamental Analysis

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Spring - IT staffing group now the leader

November 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.

With recruitment bell-weather, Michael Page, 184p  again surprising the Market by announcing better than expected results investors have been chasing other recruitment stocks like they're goingout of fashion.   Many have run ahead of themselves, with PE ratios of between 40 and 50 not uncommon.  So it's somewhat surprising to find that the largest IT staffing group,  Spring, trades on a prospective PE for 2004 of just 20.2. Following its acquisition of the privately owned, Best International in June, Spring is now the largest IT recruitment firm in the UK with 4,500 contractors at client sites, giving it a 7% share of the UK market. ITpersonnel is the mainstay of its business and is expected to m ...

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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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