Updates

Lavendon

September 2014

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 H1 results would have really sparkled but for the fact that the pound strengthened against the dollar, which led to a £0.7m currency drag on the Middle East earnings. They were also against the relatively soft comparatives last year when weather had impacted most of the European operations but overall it was nice to see operating profits increase by 12% to £15.6m, with margins improving to 12.9%. Eps were ahead 8% to 5.6p.All told, the picture has brightened incredibly. The UK in particular proved to be the swing factor benefiting from recovering demand, pricing improvements and a better mix (bigger construction related machines, which generate better margins) whilst the reorganisation is paying dividends - ...

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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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