Investor's Champion Blog
Provides refreshingly forthright, independent comment on predominantly small cap companies and specialist investment funds. Informed opinion, based on first-hand research, but pulls no punches in exposing management weaknesses.

WORTHINGTON NICHOLLS-as expected, the old contract slippage problem creeps in!

So all the acquisitions can’t hide the fact that the promised contracts haven’t come through as expected!

First half pre-tax losses were £0.3m, as a result of contract slippage into the second half-could it be a sign of contract disappearance!

The house broker argues that the group stands on a compelling valuation despite being at a substantial premium to sector peers with a 2008 PER of 16.4x vs 14.2x. There might be great growth potential but they need to deliver and not merely though acquisitions. What about those peers that have delivered!


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