Updates

Lavendon - Investec initiates with 300p target

September 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.

Results for the first half of the year to 30 June show the progress made by Lavendon in improving the efficiency of its operations, rationalising the cost base and on the generation of cash to reduce debt levels. Sales during H1 fell by 7% to Â£114m but stripping out favourable exchange rate movements would have seen a 16% decline. Pretax profit was Â£5.3m, down from Â£14.2m with earnings falling a similar amount to 8.8p. Of course, it is depreciation on the fleet that makes the headline profits appear small but cashflow was strong at Â£31m (Â£18.7m after interest and tax).As we have said previously, Lavendon has reined in its capex spend in order to reduce debt with total capex during the period of only Â£4.8m versus Â£39.5m in H ...

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