Updates

Lavendon - Trading at close to book value (131p)

March 2016

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.

Lavendon’s revenues increased by 1% to £248.6m in 2015, driven by strong growth in the Middle East region and France and a notable margin improvement in UK business. Pretax profit increased by 13% to £38.5m. Eps increased by 15% to 18p on a 21% tax rate.There was substantial expansion of its hire fleet with c.3,100 rental machines added or £85m invested, including £20m that had originally been planned for 2016. Quite a lot came in the final few months of the year and the investment leaves net debt at £119m, which represents a modest 1.4x EBITDA.The swing factor is going to be the Middle East with its superlative margins (37% group ebitda; 32% margins). Of the capacity increase 700 machines ...

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Wilmington

Photo-Me- 9% upgrade to forecasts

Lavendon (February 2017)

Lavendon (January 2017)

Lavendon - Unsolicited bid and counterbid! (December 2016)

Lavendon - Trading at top end of forecasts (February 2016)

Lavendon (September 2015)

Lavendon - Upgrade when others in sector get downgrade! (August 2015)

Lavendon - UK trending higher (May 2015)

Lavendon - Peel Hunt forecasts eps of 16.6p for current year (March 2015)

Lavendon - 2014 at top end of expectations (February 2015)

Lavendon (September 2014)

Lavendon (March 2014)

Lavendon - Results due 27 February (February 2014)

Lavendon (December 2013)

Lavendon - Middle Eastern leg becomes biggest (October 2013)

Lavendon - 30% growth in Middle East -tax free (August 2013)

Lavendon - Middle East up 34% in Q1 (May 2013)

Lavendon - EBITDA rises 5% to £75m (March 2013)

Lavendon Group (December 2012)

Lavendon Group - Tidal wave of free cashflow (October 2012)

Lavendon (August 2012)

Lavendon (April 2010)

Lavendon (December 2009)

Lavendon - Investec initiates with 300p target (September 2009)

Lavendon (August 2009)

Lavendon -Olympic contract win (May 2009)

Lavendon - Directors buying (March 2009)

Lavendon - Four upgrades to forecasts (October 2007)

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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