Updates

Low & Bonar

August 2008

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.

The shares jumped for joy, nay euphoria, after Low & Bonar announced the surprise sale of its contract flooring business to Forbo Holding, a Swiss listed flooring company, for Â£123m on a cash-free and debt-free basis. During the month, Low & Bonar also reported its results for the six months to 31 May. Total sales were up 50% to Â£213m helped by first time contributions from two acquisitions, the significant one being MTX for five months and also organic growth, which together with operational gearing resulted in operating profit lifting by 87% to Â£17.2m. The acquisitions had pushed up net debt to Â£208m in May from Â£50m at the end of November. This resulted in a higher net interest charge but nevertheless pretax ...

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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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