Updates

Lavendon

September 2015

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 re-echoed the strong trends from the prelims with chief executive Don Kenny certainly cheery when we spoke to him. Total sales were up 1% at constant currency at £119m but efficiency gains and higher prices meant that overall pretax profit lifted 18% to £14.5m and eps by 17% to 6.6p. Of course depreciation on the hire kit masks strong cashflows with ebitda up 6% to £37m.A key performance metric, ROCE – Kenny’s holy grail -improved significantly by 2.1% to 12.7%. Margins also went from 12.7% to 14.1% pushed up with good performance in the UK.Kenny reiterates this year’s increase in capex to £75m, £20m being brought forward from 2016. £39m was spent in H1 ...

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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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