Updates

Low & Bonar

August 2009

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.

Low & Bonar has reported that customers have stopped destocking their inventory and are now reordering as a result of underlying demand improving. Speaking to the company this month, there has been an encouraging improvement in sales patterns during Q2 and the period since; the improving trend is being seen for civil engineering, carpet tiles and selected building products although the auto and truck markets (c.14% of sales) have continued at depressed levels. Results for the first six months to 30 May therefore appear to mark a nadir in fortunes. Revenues were down 11% to Â£139.5m. Pretax profit was down from Â£5.9m to Â£5.1m and earnings fell 29% to 1.8p reflecting the greater number of shares following the recent rights iss ...

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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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