Updates

Low & Bonar

August 2011

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.

Following last monthâ€™s results we met with L&Bâ€™s chief executive Steve Good. Under the management of Good, L&B is now 18 months into a three year plan introduced in 2010 to improve margins to 10% and generate returns on capital of 17% by pulling up underperforming parts of the business, targeting the emerging markets and through innovation into new products. If Good pulls it off, L&B will be making Â£32m pretax in 2013 and eps of c.7.5p, against base expectations of Â£23m (5.4p) pretax for the current year to end November.The latest interim results show strong volume growth and the benefit of operational gearing with pretax profit up 18% to Â£7.9m (eps 1.8p) on a similar rise in sales to Â£183m. It might therefore ...

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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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