Updates

Lavendon

April 2010

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.

Shares in powered access rental business, Lavendon bounced after the release of 2009 results. Even though pretax profit before one-offs was Â£13.9m, down from Â£30.4m, on revenues down from Â£260m to Â£227m, there was some relief that Lavendon said it expects no further deterioration in markets. Restated to reflect the new shares issued in December on an annualised basis, eps emerged at 6.6p.Lavendon saw savage drops in turnover and equipment utilisation in each European business as general construction activity declined. In a business which is very operationally geared, operating profits plunged by 49% to Â£12.4m in the UK, 52% to Â£3.6m in Germany, 34% to Â£3.1m in Belgium, 44% to Â£3.1m in France. Spain virtually collapsed prod ...

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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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