John Swan & Sons

Scottish rural services group John Swan had a difficult 2001-2. Last year's foot-and-mouth outbreak meant livestock auctions had to be suspended until September in Scotland and February in Northumberland. With one of its main businesses effectively out of commission for much of the period, figures to April showed a near £500,000 drop in revenue to £1.2m and a 98% reduction in profits to £8,473. Swan's Edinburgh auction has now been scrapped altogether. Chairman Lewis McGill, who will step down in August after 7 years, admits it has been 'a very difficult year indeed for the company'. But he gave little insight into current trading. Since producing record results in 1997, Swan has offered no indication that it is capable of recording sustainable growth in its current form. Avoid.

Sector: General Retailers

Companies: John Swan & Sons

Market cap: £2.72m

PE Forecast: n/a

Share price: 445p

Achieve impressive returns

Gain instant access to some of the best-performing and fastest growing companies in the small cap arena

Click here